Corn, soybean prices to jump
U.S. Election Day and pre-USDA report positioning are the main market drivers expected keep the CME Group corn, soybean and wheat markets higher Tuesday.
The Early Calls for the commodities on Tuesday, November 6, 2012, are higher. Corn is seen opening 5-7 cents higher, soybeans 13-15 cents higher, and wheat 7-9 cents higher.
In overnight trading, the Dec. corn futures contract traded 5 cents higher at $7.40 per bushel. January soybean futures traded 13 3/4 cents higher at $15.17 per bushel, and Dec. wheat traded 7 3/4 cents higher at $8.73. For Dec. soybean meal futures, the contract traded $3.70 per short ton higher at $472.70. Dec. soybean oil futures traded $0.44 higher at $48.76.
The outside markets are favorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.