Tuesday's soybeans seen up
DES MOINES, Iowa (Agriculture.com)--On Tuesday, rumors that the EU buyers are in need of securing soymeal supplies and less-than-expected rain in Argentina have the the CME Group corn and soybean markets looking stronger.
The early calls for the commodities on Tuesday, February 19, 2013, are higher. Corn is seen opening 1-2 cents higher. Soybeans are seen 17-19 cents higher and wheat 1-2 cents higher.
In overnight trading, the March corn futures contract traded 1 cent higher at $7.00 per bushel. March soybean futures traded 22 cents higher at $14.46 per bushel, and March wheat traded 1 cent higher at $7.43. For March soybean meal futures, the contract traded $8.60 per short ton higher at $418.00. March soybean oil futures traded $0.43 cents higher at $52.05.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.