Mostly higher soybean, wheat prices seen
The CME Group corn, soybean and wheat markets are expected to start mostly higher Friday.
The Early Calls for the commodities on Friday, August 17, 2012, are mostly higher. Corn is seen opening 2-4 cents lower, soybeans 5-7 cents higher, and wheat 7-9 cents higher.
In overnight trading, the Dec. corn futures contract traded 2 1/2 cents lower at $8.05 per bushel. Nov. soybean futures traded 7 1/2 cents higher at $16.32 per bushel, and Dec. wheat traded 8 cents higher at $8.89 3/4. For Dec. soybean oil futures traded $0.09 higher at $53.75. The Dec. soymeal futures traded $3.60 per short ton higher at $493.20.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the mostly higher overnight markets.