Corn, soybeans to trade higher
Favorable outside markets and overnight grain trading makes for a supportive environment for a higher opening for the CME Group corn, soybean and wheat prices Tuesday.
The Early Calls for the commodities on Tuesday, December 13, 2011, are higher. Corn, soybeans are seen opening 3-4 cents higher and wheat 5-7 cents higher.
In overnight electronic trading, the March corn futures contract traded 2 cents higher at $5.96 per bushel. The Jan. soybean futures contract traded 2 1/2 cents higher at $11.14 1/2 per bushel. The March wheat futures contract traded 5 1/2 cents higher at $5.99 3/4. For Jan. soymeal futures, the contract traded $0.10 per short ton higher at $280.50 and Jan. soyoil $0.13 higher at $49.45.
The outside markets are helpful for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.