China to push up farm markets
Stronger China economic news and less-than-needed rain for Argentine crops, positions the CME Group corn, soybeans and wheat prices for a higher start Tuesday.
The Early Calls for the commodities on Tuesday, January 17, 2012, are stronger. Corn is seen opening 8-10 cents higher, soybeans 16-18 cents higher, and wheat 8-10 cents higher.
In overnight trading, the March corn futures contract traded 8 1/2 cents higher at $6.08 per bushel. March soybean futures traded 18 3/4 cents higher at $11.77 per bushel, and March wheat traded 8 1/4 cents higher at $6.101/4. For March soybean meal futures, the contract traded $4.20 per short ton higher at $305.70. March soybean oil futures traded $0.77 higher at $51.06.
The outside markets are favorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.