Corn, soybeans to start week higher
Too much rain that may be causing planting delays in Brazil is helping the outlook for the CME Group corn, soybean and wheat markets Monday.
The Early Calls for the commodities on Monday, November 19, 2012, are higher. Corn is seen opening 4-6 cents higher, soybeans 10-12 cents higher, and wheat 4-6 cents higher.
In overnight trading, the Dec. corn futures contract traded 6 cents higher at $7.33 per bushel. Jan. soybean futures traded 13 cents higher at $13.97 per bushel, and Dec. wheat traded 6 cents higher at $8.44. For Dec. soybean meal futures, the contract traded $3.80 per short ton higher at $428.40. Dec. soybean oil futures traded $0.55 higher at $47.60.
The outside markets are mostly favorable for Monday's grain trade. The real factors driving the calls will be the higher overnight markets.