Corn, soybean prices to start higher
The CME Group commodities are expected to start higher Monday. The early calls for the commodities on Monday, January 7, 2012, are higher. Corn is seen opening 2 to 4 cents higher. Soybeans are seen 8 to 10 cents higher, and wheat 4 cents higher.
In overnight trading, the March corn futures contract traded 4 cents higher at $6.84 per bushel. January soybean futures traded 8 cents higher at $13.97 per bushel, and March wheat traded 4 cents higher at $7.51. For January soybean meal futures, the contract traded $2.00 per short ton higher at $400.20. January soybean oil futures traded 1 cent higher at $49.43.
The outside markets are unfavorable for Monday's grain trade. The real factors driving the calls will be the higher overnight markets.