Corn, soybeans to rally Tuesday
Following a strong overnight market, the CME Group corn, soybean, and wheat markets are seen sharply higher Tuesday.
The early calls for the commodities on Tuesday, July 9, 2013, are sharply higher. Corn is seen opening 9 to 10 cents higher, soybeans 15 to 17 cents higher, and wheat 5 to 7 cents higher.
In overnight trading, the Sept. corn futures contract traded 9 cents higher at $5.42 per bushel. Dec. corn futures traded 7 cents higher at $5.07 per bushel. Aug. soybean futures traded 15 cents higher at $14.70, while the Nov. soybean futures traded 18 cents higher at $12.70. The Sept. wheat futures contract traded 5 cents higher at $6.68. For Aug. soybean meal futures, the contract traded $5.50 per short ton higher at $447.60; Aug. soybean oil futures traded 20 cents higher at $47.16.
The outside markets are slightly favorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.