Corn, soybeans to start slightly higher
The CME Group's corn, soybean, and wheat markets are expected to start slightly higher-to-mixed Monday.
The early calls for the commodities on Monday, May 13, 2013, are slightly higher. Corn is seen opening 1 to 2 cents higher, soybeans mixed, and wheat 1 to 2 cents higher.
In overnight trading, the July corn futures contract traded 2 cents higher at $6.39 per bushel. The December corn futures traded 1 cent higher at $5.31. July soybean futures traded 2 cents higher at $14.01 per bushel, while November soybeans traded 1 cent lower at $12.04. The July wheat traded 2 cents higher at $7.06. For July soybean meal futures, the contract traded $1.30 per short ton higher at $408.10. The July soybean oil futures traded 9 cents lower at $49.14.
The outside markets are mostly unfavorable for Monday's grain trade. The real factors driving the calls will be the higher overnight markets.