In overnight trading, the July corn futures contract traded 1 cent higher at $5.60 1/2 per bushel. July soybean futures traded 1 cent lower at $13.72 1/4 per bushel, and July wheat traded 2 cents lower at $6.51. For July soybean meal futures, the contract traded $2.10 per short ton lower at $407.80. July soybean oil futures traded $0.03 higher at $49.72.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.
The Early Calls for the commodities on Thursday, May 31, 2012, are lower, due to Midwest rainfall and end-of-month trader selling. Corn is seen opening 1-2 cents higher, soybeans 1-2 cents lower, and wheat 2-4 cents lower.
