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Grains look to surge into Wednesday

Jeff Caldwell 10/31/2012 @ 6:59am Multimedia Editor for Agriculture.com and Successful Farming magazine.

Tuesday's stronger prices look to continue into Wednesday's trade after an overnight session that saw the bulls run the show.

Early calls for the grains are corn 4 to 6 cents higher, soybeans 9 to 12 cents higher, and wheat 8 to 11 cents higher.

As of 6:25 a.m. CST, the December corn futures contract was 4 1/4 cents higher at $7.46 per bushel, November soybeans were 10 1/4 cents higher at $15.46 3/4, and December wheat was 9 1/2 cents higher at $8.86 1/4, according to Barchart.com.

There's likely to be some outside influence on the grains after the stocks and equities trading has been absent from the equation, with the Hurricane Sandy-induced closure of the New York Stock Exchange Monday and Tuesday. That floor reopens Wednesday morning. 

"I think it will busy. [Today] is end of month. Friday is nonfarm payrolls," says Scott Shellady, Trean Group options specialist and trader and Agriculture.com market analyst. "Election next Tuesday... Lots of positioning needs to take place. Two days of trading needs to get caught up... I think equities open lower."

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