Early calls for corn, soybeans
Ahead of tomorrow's USDA Crop Production and Supply/Demand Reports, the CME Group corn, soybean, and wheat markets will trade slightly higher Tuesday.
The Early Calls for the commodities on Tuesday, November 8, 2011, are higher. Corn is seen opening 1-2 cents higher, soybeans 4-6 cents higher, and wheat up 2-4 cents.
In overnight electronic trading, the Dec. corn futures contract traded 2 cents higher at $6.55 1/4 per bushel. The Jan. soybean futures contract traded 6 cents higher at $12.07 3/4 per bushel. The Dec. wheat futures contract traded 2 1/2 cents higher at $6.41 1/4. For Dec. soymeal futures, the contract traded $1.30 per short ton higher at $310.60 and Dec. soyoil $0.32 higher at $51.52.
The outside markets are slightly favorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.