Corn, soybean prices seen recovering
Germany reports better-than-expected economic data and it proved to be enough to turn around the negative trading in commodities markets. The CME Group corn, soybean and wheat markets are seen trading high Tuesday.
The Early Calls for the commodities on Tuesday, May 15, 2012, are higher. Corn is seen opening 4-6 cents higher, wheat 6-8 cents higher and soybeans 19-20 cents higher.
In overnight trading, the July corn futures contract traded 5 1/4 cents higher at $5.88 1/4 per bushel. July soybean futures traded 19 cents higher at $14.26 per bushel, and July wheat traded 6 cents higher at $6.04 1/4. For July soybean meal futures, the contract traded $8.10 per short ton higher at $411.60. July soybean oil futures traded $0.38 higher at $51.68.
The outside markets are favorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.