Corn, soybean prices to rise
The CME Group corn, soybean and wheat markets are poised to trade higher Tuesday.
The Early Calls for the commodities on Tuesday, June 4, 2012, are higher. Corn is seen opening 1-2 cents higher, soybeans 8-10 cents higher, and wheat 1-2 cents higher.
In overnight trading, the July corn futures contract traded 1 cent higher at $5.70 per bushel. July soybean futures traded 10 cents higher at $13.50 per bushel, and July wheat traded 1/4 of a cent higher at $6.28. For July soybean meal futures, the contract traded $4.30 per short ton higher at $400.40. March soybean oil futures traded $0.08 higher at $48.39.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.