Higher corn, wheat prices seen Thursday
The CME Group corn, soybean and wheat markets have the momentum from overnight activity to start the day-trade mostly higher Thursday.
The Early Calls for the commodities on Thursday, June 14, 2012, are mostly higher. Corn is seen opening 7-9 cents higher, soybeans 2-4 cents lower, and wheat 5-6 cents higher.
In overnight trading, the July corn futures contract traded 7 1/4 cents higher at $5.99 3/4 per bushel. July soybean futures traded 2 3/4 cents lower at $14.05 per bushel, and July wheat traded 4 1/2 cents higher at $6.20 1/2. For July soybean meal futures, the contract traded $0.10 per short ton lower at $421.90. July soybean oil futures traded $0.48 lower at $48.62.
The outside markets are slightly favorable for Thursday's grain trade. The real factors driving the calls will be the mostly higher overnight markets.