Soybeans to try extending gains Tuesday
DES MOINES, Iowa (Agriculture.com)--A mixed trade is expected for the CME Group corn, soybean and wheat prices Tuesday.
The early calls for the commodities on Tuesday, February 12, 2013, are mixed. Corn is seen opening 5-7 cents lower. Soybeans are seen 3-5 cents higher and wheat 3-5 cents lower.
In overnight trading, the March corn futures contract traded 5 cents lower at $6.97 per bushel. March soybean futures traded 3 cents higher at $14.35 per bushel, and March wheat traded 2 cents lower at $7.39. For March soybean meal futures, the contract traded $1.20 per short ton higher at $414.20. March soybean oil futures traded $0.15 cent higher at $51.39.
The outside markets are favorable for Tuesday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.