Late call on Chicago
CBOT soybean futures are called to start the session 8 to 10 cents higher. The combination of higher outside markets, supportive weather forecasts, bullish demand outlooks amid the lingering Argentina farmers' strike and the resurgence of speculative money flowing into the market are seen buoying prices, analysts added.
Benchmark Chicago Board of Trade July wheat is called to open 3 to 5 cents per bushel higher on spillover support from CBOT corn and soybeans, analysts said. Weather looks bullish for CBOT corn and soybeans amid concerns about slow planting and development of the row crops due to excessive moisture. "They want to run, and we're going to follow," a CBOT wheat trader said about corn and soybeans.
Chicago Board of Trade corn futures are expected to open 3 to 5 cents higher Friday on the momentum from Thursday's new highs and on support from crop concerns and outside markets, analysts said. July corn is at an all-time high, and prices have broken out of a trading range that had confined the market for two months. July had been trading between $5.80 and $6.20. An analyst said the new highs will encourage more buying. "With the weekend approaching, we could see a little profit-taking today, but all I think we'll do is temper gains," the analyst said.
Benchmark Chicago Board of Trade July wheat is called to open 3 to 5 cents per bushel higher on spillover support from CBOT corn and soybeans, analysts said. Weather looks bullish for CBOT corn and soybeans amid concerns about slow planting and development of the row crops due to excessive moisture. "They want to run, and we're going to follow," a CBOT wheat trader said about corn and soybeans.
Chicago Board of Trade corn futures are expected to open 3 to 5 cents higher Friday on the momentum from Thursday's new highs and on support from crop concerns and outside markets, analysts said. July corn is at an all-time high, and prices have broken out of a trading range that had confined the market for two months. July had been trading between $5.80 and $6.20. An analyst said the new highs will encourage more buying. "With the weekend approaching, we could see a little profit-taking today, but all I think we'll do is temper gains," the analyst said.
