Corn, Soybean Markets to Trade Higher Monday
On Monday, the CME Group's corn, soybean, and wheat markets are expected to start higher.
The early calls for the commodities on Friday, May 5, 2014, are stronger. Corn is seen opening 2 to 4 cents higher, soybeans 1 to 2 cents higher, and wheat 10 to 12 cents higher.
In overnight trading, the July corn futures contract traded 3 cents higher at $5.02 per bushel. July soybean futures traded 3/4 cent higher at $14.71. The July wheat futures contract traded 13 cents higher at $7.30. For July soybean meal futures, the contract traded $1.60 per short ton higher at $482.00; July soybean oil futures traded $0.01 lower at $41.50.
The outside markets are favorable for Monday's grain trade. The real factors driving the calls will be the higher overnight markets.