Corn, soybeans to inch higher Monday
As the trade begins to position itself ahead of Thursday's WASDE Report, the CME Group's corn, soybean, and wheat markets are expected to start the week slightly higher.
The early calls for the commodities on Monday, July 8, 2013, are higher. Corn is seen opening 2 to 4 cents higher, soybeans 1 to 2 cents higher, and wheat 3 to 5 cents higher.
In overnight trading, the September corn futures contract traded 2 cents higher at $5.28 per bushel. December corn futures traded 3 cents higher at $4.94 per bushel. August soybean futures traded 1 cent higher at $14.32, while the November soybean futures traded 8 cents higher at $12.37. The September wheat futures contract traded 2 cents higher at $6.61. For August soybean meal futures, the contract traded $3.20 per short ton higher at $431.80. August soybean oil futures traded 14 cents lower at $47.00.
The outside markets are favorable for Monday's grain trade. The real factors driving the calls will be the higher overnight markets.