Another Turnaround Tuesday could be in the cards, with overnight trading sending corn, soybeans and wheat futures higher after a sharply lower session Monday.

Early calls for the grains are corn 6-8 higher, soybeans 5-7 higher and wheat 13-15 higher, according to private sources.

As of 7:14 AM CST, March corn was 7 1/2 cents higher at $6.39 1/4, March soybeans were 4 3/4 higher at $11.90 and March wheat was 12 1/4 cents higher at $6.57 per bushel, according to Barchart.com.

The latest price action amounts to a sort of "schizophrenia" in the grains that's been largely driven by risk associated with the European debt situation. That risk drives the Euro/U.S. Dollar relationship and in turn, looks to be enticing more money flowing back into the grain pits Tuesday, says ICAP Energy LLC Derivatives Manager Scott Shellady.

"Risk is back on. Stocks are higher. Euro is higher. Oil is up $1.50 while corn is up 6, beans up 4 and wheat up 11. Turnaround Tuesday is shaping up perfectly. The schizophrenia that is ruling the markets is front and center again today. Volumes have been low while moves have been volatile," Shellady said Tuesday morning. "With a stronger Euro, the dollar is weaker and its predictable consequences are upon us."

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