Corn, soybean prices up slightly
As turmoil surrounds the EU and U.S. debt outlooks, the stock market's lower direction is putting caps on gains for the CME Group corn, soybean and wheat markets Tuesday.
The Early Calls for the commodities on Tuesday, November 21, 2011, are slightly higher. Corn is seen opening 1-2 cents higher, soybeans 2-4 cents higher, and wheat 1-2 cents higher..
In overnight electronic trading, the Dec. corn futures contract traded 1 3/4 cents higher at $5.99 1/2 per bushel. The Jan. soybean futures contract traded 5 1/2 cents higher at $11.53 1/2 per bushel. The Dec. wheat futures contract traded 2 1/2 cents higher at $5.94. For Jan. soymeal futures, the contract traded $2.60 per short ton higher at $293.90 and Dec. soyoil $0.36 higher at $50.49.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the slightly higher overnights and the weaker outside markets.