Higher farm markets Thursday
With favorable outside markets and positive overnight trading, the CME Group corn, soybeans and wheat prices are poised to begin the day session higher Thursday.
The Early Calls for the commodities on Thursday, January 19, 2012, are higher. Corn is seen opening 4-6 cents higher, soybeans 8-10 cents higher, and wheat up 5-7 cents.
In overnight trading, the March corn futures contract traded 3 3/4 cents higher at $5.97 3/4 per bushel. March soybean futures traded 11 cents higher at $11.94 1/2 per bushel, and March wheat traded 3 1/4 cents higher at $5.95 1/2. For March soybean meal futures, the contract traded $3.50 per short ton higher at $315.50. March soybean oil futures traded $0.40 higher at $50.80.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.