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Corn, soybeans seek turnaround

11/13/2012 @ 8:44am

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.


Discuss the corn, soybean and wheat markets in Marketing Talk.


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"Turnaround Tuesday" Fades