$7 corn, $15 soybeans traded Tuesday
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.