Stronger Farm Markets Seen Tuesday
On Tuesday, the CME Group's corn, soybean, and wheat markets are expected to start stronger.
The early calls for the commodities on Tuesday, July 22, 2014, are higher. Corn is seen opening 1 to 2 cents higher, soybeans 1 to 2 cents higher, and wheat 3 to 5 cents higher.
In overnight trading, the Dec. corn futures contract traded 3/4 cent higher at $3.72 per bushel. Nov. soybean futures traded 1/4 cent higher at $10.71. The Sep. wheat futures contract traded 3 cents higher at $5.33. For Dec. soybean meal futures, the contract traded $0.80 per short ton higher at $347.60; Dec. soybean oil futures traded $0.14 higher at $36.40.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.