Higher farm markets to start Thursday
With rain and snowfall halting U.S. corn planting, the CME Group's corn, soybean, and wheat markets are expected higher Thursday.
The early calls for the commodities on Thursday, May 2, 2013, are higher. Corn is seen opening 9 to 10 cents higher, soybeans 9 to 10 cents higher, and wheat 7 to 9 cents higher.
In overnight trading, the July corn futures contract traded 9 cents higher at $6.55 per bushel. July soybean futures traded 9 cents higher at $13.82 per bushel, and July wheat traded 6 cents higher at $7.27. For July soybean meal futures, the contract traded $3.90 per short ton lower at $408.30. January soybean oil futures traded 8 cents higher at $48.93.
The outside markets are mostly unfavorable for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.