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$7 corn, $15 soybeans traded Tuesday

07/03/2012 @ 6:56am

The CME Group corn, soybean and wheat markets will continue their run upward, as debilitating crop-weather dominates the traders' minds Tuesday. 

Today's market will be shortened, due to the Fourth of July Holiday. The markets close at 12-Noon. The CME Group farm markets will resume trade Thursday, July 5, at 9:30am.

The Early Calls for the commodities on Tuesday, July 3, 2012, are higher. Corn is seen opening 10-11 cents higher, soybeans 12-14 cents higher, and wheat 6-8 cents higher.

In overnight trading, the July corn futures contract traded 9 1/4 cents higher at $7.01 3/4 per bushel. July soybean futures traded 16 cents higher at $15.48 per bushel, and July wheat traded 4 3/4 cents higher at $7.59 1/2. For July soybean meal futures, the contract traded $3.60 per short ton higher at $446.10. July soybean oil futures traded $0.35 higher at $52.53.

The outside markets are slightly favorable for Tuesday's grain trade. The real factors driving the calls will be the sharply higher overnight markets.

Discuss the corn, soybean and wheat markets in Marketing Talk.

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