Grains rebound in early Tuesday trading
It's 'Turnaround Tuesday' so far on the CME Group floor in Chicago, with corn, soybeans and wheat all trending higher in early Tuesday trading.
At mid-morning, the December corn futures contract was 5 cents higher at $7.42 per bushel, while the November soybean contract was 16 1/4 higher at $15.46. December wheat was 3 1/4 cents higher at $8.61 1/4.
The grains are expected to 'chop around' in light-volume trading Tuesday, especially in the absence of any outside market pressures namely on account of the Hurricane Sandy-forced closure of the New York Stock Exchange for the second day. The last time the NYSE saw a 2-day delay in trading was during a blizzard in 1888.
But, despite the outlook for a low-volume trade Tuesday, the pace will likely pick up once all trading platforms resume, says Scott Shellady, options specialist and trader with the Trean Group in Chicago and Agriculture.com Market Analyst.
"Tomorrow is the end of the month. Friday is the non-farm payroll report. The election's next Tuesday," he says. "We have lots of positioning that needs to take place and 2 days of trading to get caught up."