Corn, soybean trade seen higher Monday
Based on a positive overnight trade, the CME Group corn, soybean and wheat markets have support to start the open outcry trading higher Monday.
The Early Calls for the commodities on Monday, September 10, 2012, are higher. Corn is seen opening 2-4 cents higher, soybeans 3-5 cents lower, and wheat 2-4 cents higher.
In overnight trading, the Dec. corn futures contract traded 3 cents higher at $8.02 per bushel. November soybean futures traded 2 3/4 cents higher at $17.39 per bushel, and Dec. wheat traded 2 cents higher at $9.07. For Dec. soybean meal futures, the contract traded $1.30 per short ton higher at $528.20. Dec. soybean oil futures traded $0.15 higher at $56.81.
The outside markets are unfavorable for Monday's grain trade. The real factors driving the calls will be the higher overnight markets.