Soybean market upside continues Friday
After record-breaking trading yesterday, the CME Group soybean market is expected to be sharply stronger, while corn prices trade slightly higher Friday.
The Early Calls for the commodities on Friday, July 20, 2012, are mostly higher. Corn is seen opening 8-10 cents higher, soybeans 28-30 cents higher, and wheat 5-7 cents lower.
In overnight trading, the Sep. corn trades 1 1/2 cents higher at $8.08 1/4 per bushel, while the Dec. contract trades 8 1/2 cents higher at $7.87. Nov. soybean futures trade 20 1/2 cents higher at $16.72 3/4 per bushel. Sep. wheat futures trade 5 3/4 cents lower at $9.29 1/2.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the mostly higher overnight markets.