Farm markets seen higher Monday
The CME Group corn, soybean and wheat markets are expected to start the week higher Monday.
The early calls for the commodities on Monday, October 22, 2012, are higher. Corn is seen opening 3 to 5 cents higher, soybeans 12 to 14 cents higher, and wheat 7 to 9 cents higher.
In overnight trading, the December corn futures contract traded 3 cents higher at $7.64 per bushel. November soybean futures traded 16 cents higher at $15.50 per bushel, and December wheat traded 7 3/4 cents higher at $8.80 1/4. For December soybean meal futures, the contract traded $4.90 per short ton higher at $468.70. December soybean oil futures traded 55 cents higher at $52.13.
The outside markets are favorable for Monday's grain trade. The real factors driving the calls will be the higher overnight markets.