Corn, soy, wheat move higher
As the outside markets remain favorable for commodities, the CME Group farm markets can expect plenty of support for a higher opening Tuesday.
The Early Calls for the commodities on Tuesday, October 25, 2011, are higher. Corn is seen opening 5-7 cents higher, soybeans 4-6 cents higher, and wheat up 3-5 cents.
In overnight electronic trading, the Dec. corn futures contract traded 6 1/2 cents higher at $6.57 1/2 per bushel. The Nov. soybean futures contract traded 5 3/4 cents higher at $12.32 1/2 per bushel. The Dec. wheat futures contract traded 3 cents higher at $6.45 1/2. For Dec. soymeal futures, the contract traded $.70 per short ton lower at $320.80 and Dec. soyoil $0.48 higher at $52.27.
The outside markets are favorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.