Sharply higher farm markets Thursday
With the Federal Reserve announcing it will keep interest rates low until 2014, the CME Group corn, soybean and wheat markets are poised to capitalize on the longterm inflationary move Thursday.
The Early Calls for the commodities on Thursday, January 26, 2012, are higher. Corn is seen opening 8-12 cents higher, soybeans 9-11 cents higher, and wheat 11-13 cents higher.
In overnight trading, the March corn futures contract traded 8 1/2 cents higher at $6.43 per bushel. March soybean futures traded 11 cents higher at $12.24 1/2 per bushel, and March wheat traded 13 cents higher at $6.54 1/4. For March soybean meal futures, the contract traded $3.00 per short ton higher at $324.10. March soybean oil futures traded $0.33 higher at $51.69.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the higher overnight markets.