Weather spurs corn, soybeans higher
With hot/dry Midwest weekend weather ahead, the CME Group corn, soybean and wheat markets are poised to trade higher Friday.
The Early Calls for the commodities on Friday, June 22, 2012, are higher. Corn is seen opening 7-9 cents higher, soybeans 12-13 cents higher, and wheat 9-11 cents higher.
In overnight trading, the July corn futures contract traded 10 1/2 cents higher at $5.97 per bushel. July soybean futures traded 15 3/4 cents higher at $14.54 per bushel, and July wheat traded 12 3/4 cents higher at $6.74 3/4. For July soybean meal futures, the contract traded $4.20 per short ton higher at $433.20. July soybean oil futures traded $0.08 lower at $49.73.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.