Thursday’s Soybean Market Seen Higher

(Agriculture.com) – On Thursday, the CME Group’s corn, soybean and wheat markets are expected to start mostly lower.

The early calls for the commodities on Thursday, October 16, 2014, are weaker. Corn is seen opening 1-2 cents lower, soybeans 3-5 cents higher, and wheat 1-2 cents lower.

In overnight trading, the Dec. corn futures contract traded 1 3/4 cents lower at $3.45 per bushel. Nov. soybean futures traded 3 cents higher at $9.55. The Dec wheat futures contract traded 2 3/4 cents lower at $5.03. For Dec. soybean meal futures, the contract traded $1.50 per short ton higher at $328.80; Dec. soybean oil futures traded $0.01 lower at $31.97.

The outside markets are unfavorable for Thursday’s grain trade. The real factors driving the calls will be the lower overnight markets.