Soybeans to try extending gains
The CME Group corn, soybean and wheat markets have strong potential to trade mixed Tuesday.
The early calls for the commodities on Tuesday, February 5, 2013, are mixed. Corn is seen opening 1-2 cents lower. Soybeans are seen 2-4 cents higher and wheat steady.
In overnight trading, the March corn futures contract traded 1 cent lower at $7.33 per bushel. March soybean futures traded 2 cents higher at $14.91 per bushel, and March wheat traded steady at $7.63. For March soybean meal futures, the contract traded $1.60 per short ton higher at $435.90. March soybean oil futures traded $0.05 cent lower at $53.06.
The outside markets are favorable for Tuesday's grain trade. The real factors driving the calls will be the mixed overnight markets.