Soybeans to lead markets higher
On Friday, the CME Group's corn, soybean, and wheat markets are expected to start higher.
The early calls for the commodities on Friday, August 9, 2013, are mostly higher. Corn is seen opening 1 to 2 cents lower, soybeans 7 to 9 cents higher, and wheat 3 to 5 cents higher.
In overnight trading, the Sept. corn futures contract traded 1 cent lower at $4.73 per bushel. Dec. corn futures traded 1 cent lower at $4.59 per bushel. Sep. soybean futures traded 9 cents higher at $12.36, while the Nov. soybean futures traded 7 cents higher at $11.91. The Sept. wheat futures contract traded 3 cents higher at $6.57. For Dec. soybean meal futures, the contract traded $3.90 per short ton higher at $360.40; Dec. soybean oil futures traded 7 cents lower at $42.17.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the mostly higher overnight markets.