Higher grain markets Thursday
Favorable outside markets, such as the dollar weakening, rain and snow causing harvest delays, all support higher CME Group corn, soybean, and wheat prices Thursday.
The Early Calls for the commodities on Thursday, November 3, 2011, are higher. Corn is seen opening 5-7 cents higher, soybeans 18-20 cents higher, and wheat up 6-8 cents.
In overnight electronic trading, the Dec. corn futures contract traded 7 3/4 cents higher at $6.52 3/4 per bushel. The Jan. soybean futures contract traded 21 1/2 cents higher at $12.24 1/4 per bushel. The Dec. wheat futures contract traded 6 1/2 cents higher at $6.30. For Dec. soymeal futures, the contract traded $6.00 per short ton higher at $316.50 and Dec. soyoil $0.57 higher at $51.42.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.