Soybeans to surge higher Friday
On Friday, the CME Group's corn, soybean and wheat markets are expected to extend gains from yesterday.
The early calls for the commodities on Friday, November 22, 2013, are higher. Corn is seen opening 2-4 cents higher, soybeans 10-12 cents higher, and wheat 2-4 cents higher.
In overnight trading, the Dec. corn futures contract traded 1 1/2 cents higher at $4.24 per bushel. The January soybean futures traded 14 cents higher at $13.05. The Dec. wheat futures contract traded 2 1/4 cents higher at $6.51. For Dec. soybean meal futures, the contract traded $6.50 per short ton higher at $412.00; Dec. soybean oil futures traded $0.13 lower at $41.67.
The outside markets are mostly favorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.