Higher farm markets Thursday
With neutral export sales data and still weak yield prospects, the CME Group corn, soybean and wheat markets are expected to trade higher Thursday.
The Early Calls for the commodities on Thursday, August 23, 2012, are higher. Corn is seen opening 1-2 cents higher, soybeans 3-5 cents higher, and wheat 4-6 cents higher.
In overnight trading, the Dec. corn futures contract traded 1/4 of a cent higher at $8.35 per bushel. Nov. soybean futures traded 3 1/4 cents higher at $17.31 per bushel, and Dec, wheat traded 4 1/2 cents higher at $9.21 1/2. For Dec. soybean meal futures, the contract traded $1.60 per short ton higher at $521.30. Dec, soybean oil futures traded $0.03 lower at $56.88.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.