Corn, Wheat Markets Seen Higher Tuesday
On Tuesday, the CME Group's corn, soybean, and wheat markets are expected to start higher.
The early calls for the commodities on Tuesday, July 8, 2014, are stronger. Corn is seen opening 1 to 3 cents higher, soybeans 1 to 2 cents lower, and wheat 1 to 2 cents higher.
In overnight trading, the Dec. corn futures contract traded 1 cent higher at $4.07 per bushel. Nov. soybean futures traded 2 1/2 cents lower at $11.23. The Sep. wheat futures contract traded 1 3/4 cents higher at $5.58. For Dec. soybean meal futures, the contract traded $0.70 per short ton lower at $358.00; Dec. soybean oil futures traded $0.17 lower at $38.34.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the mostly higher overnight markets.