Higher corn, soybean markets Thursday
With supportive outside markets, the CME Group corn, soybean and wheat markets look to have enough momentum to start Thursday's trading session higher.
The Early Calls for the commodities on Thursday, November 10, 2011, are higher. Corn is seen opening 5-10 cents higher, soybeans 4-8 cents higher, and wheat 5-7 cents higher.
In overnight electronic trading, the Dec. corn futures contract traded 5 3/4 cents higher at $6.61 3/4 per bushel. The Jan. soybean futures contract traded 4 1/4 cents higher at $11.89 3/4 per bushel. The Dec. wheat futures contract traded 5 1/4 cents higher at $6.48 1/4. For Dec. soymeal futures, the contract traded $0.70 per short ton higher at $303.80 and Dec. soyoil $0.26 higher at $51.25.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the outside and higher overnight markets.