Corn, soybeans to surge higher Monday
With a lack of sufficient weekend rains, the calendar preparing to turn to August, and extended weather forecasts involving more hot/dry conditions, the CME Group corn market is piling on the gains Monday.
The Early Calls for the commodities on Monday, July 30,2012, are sharply higher. Corn is seen opening 18-20 cents higher, soybeans 36-38 cents higher, and wheat 17-19 cents higher.
In overnight trading, the Dec. corn futures contract traded 21 3/4 cents higher at $8.15 per bushel. Nov. soybean futures traded 38 3/4 cents higher at $16.40 1/2 per bushel, and Sep. wheat traded 19 1/2 cents higher at $9.17 1/2. For Aug. soybean meal futures, the contract traded $13.70 per short ton higher at $541.40. Aug. soybean oil futures traded $0.49 higher at $52.53.
The outside markets are favorable for Monday's grain trade. The real factors driving the calls will be the sharply higher overnight markets.