Higher corn, soybean markets Monday
Despite unfavorable outside markets, the CME Group corn, soybean and wheat markets will give higher trading a try Monday.
The Early Calls for the commodities on Monday, February 6, 2012, are higher. Corn is seen opening 2-4 cents higher, soybeans 6-8 cents higher, and wheat 2-4 cents higher.
In overnight trading, the March corn futures contract traded 1 3/4 cents higher at $6.46 1/4 per bushel. March soybean futures traded 6 cents higher at $12.38 1/2 per bushel, and March wheat traded 1 1/4 cents higher at $6.62. For March soybean meal futures, the contract traded $0.10 per short ton higher at $329.60. March soybean oil futures traded $0.28 higher at $51.93.
The outside markets are not favorable for Monday's grain trade. The real factors driving the calls will be the higher overnight markets.