Higher 'open' for corn, soybeans
With friendly outside markets, the CME Group corn, soybean and wheat markets look to start the day's trade higher Frday.
The Early Calls for the commodities on Friday, November 18, 2011, are higher. Corn is seen opening 1-2 cents higher, soybeans 4-6 cents higher, and wheat 2-4 cents higher.
In overnight electronic trading, the Dec. corn futures contract traded 1/2 of a cent higher at $6.15 per bushel. The Jan. soybean futures contract traded 6 1/2 cents higher at $11.74 3/4 per bushel. The Dec. wheat futures contract traded2 3/4 cents higher at $5.95 1/4. For Dec. soymeal futures, the contract traded $0.80 per short ton lower at $295.80 and Dec. soyoil $0.34 higher at $52.02.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.