Grains seen starting higher
Look for a higher start to Tuesday's trade after Monday's strength spilled over into the overnight trade despite earlier gains being trimmed.
Early calls for the commodities are corn 3-5 higher, soybeans 4-6 higher and wheat 6-8 higher, according to private sources.
In overnight trading, nearby corn was up 2 1/2 cents to $6.03 1/2 per bushel, while nearby soybeans were 5 1/2 higher at $11.42 1/2 and nearby wheat was 5 3/4 higher at $6.05 1/2, according to Barchart.com.
The fundamentals are friendly for the grains going into Tuesday's trade, though volume will likely continue to be light, says ICAP Energy LLC Derivatives Manager Scott Shellady.
"Good moves yesterday in all 3 major products but the volumes were lagging and they will continue to lag today," he says. "On a bigger note, the dollar is weaker, equities are higher and oil is up as well."