Corn, soybeans seek turnaround
The trade is relying on the Turnaround Tuesday phenomenon to help the CME Group corn, soybean, and wheat markets reverse yesterday's deep cuts. Floor trading starts at 9:30 a.m. CT Tuesday.
The early calls for the commodities on Tuesday, November 13, 2012, are higher. Corn is seen opening 5 to 7 cents higher, soybeans 13 to 15 cents higher, and wheat 4 to 6 cents higher.
In overnight trading, the December corn futures contract traded 5 cents higher at $7.23 per bushel. January soybean futures traded 13 cents higher at $14.24 per bushel, and December wheat traded 4 cents higher at $8.62. For December soybean meal futures, the contract traded $1.70 per short ton higher at $433.10. December soybean oil futures traded 20 cents higher at $47.59.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.