Corn, soybean prices seen rising Tuesday
It looks like Turnaround Tuesday for the CME Group corn, soybean, and wheat markets, as they are seen to lean higher.
The early calls for the commodities on Tuesday, July 2, 2013, are higher. Corn is seen opening 2 to 4 cents higher, soybeans 2 to 4 cents higher, and wheat 10 to 12 cents higher.
In overnight trading, the September corn futures contract traded 3 cents higher at $5.34 per bushel. December corn futures traded 4 cents higher at $5.05 per bushel. August soybean futures traded 2 cents higher at $14.38. The November soybean futures traded 5 cents higher at $12.48. The September wheat futures contract traded 11 cents higher at $6.66. For August soybean meal futures, the contract traded $2.40 per short ton higher at $435.30. August soybean oil futures traded 14 cents lower at $46.68.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.