Soybeans to extend gains Friday
With overnight follow-through expected, the CME Group soybean, corn, and wheat futures are seen moving higher Friday.
The early calls for the commodities on Friday, December 14, 2012, are higher. Corn is seen opening 2 to 3 cents higher, soybeans 10 to 12 cents higher, and wheat 3 to 5 cents higher.
In overnight trading, the March corn futures contract traded 1/2 cent higher at $7.20 per bushel. January soybean futures traded 12 cents higher at $14.88 per bushel, and March wheat traded 5 cents higher at $8.13. For January soybean meal futures, the contract traded $3.50 per short ton higher at $458.80. January soybean oil futures traded 56 cents higher at $49.56.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.