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Farm markets to lean mostly higher

05/08/2013 @ 7:19am

With mostly higher markets overnight, the CME Group's corn, soybean, and wheat markets are expected to start day-trading higher Tuesday.

The early calls for the commodities on Wednesday, May 8, 2013, are higher. Corn is seen opening 1 to 2 cents higher, soybeans 7 to 9 cents higher, and wheat 1 to 2 cents higher.

In overnight trading, the July corn futures contract traded 1 cent higher at $6.40 per bushel. The December corn futures traded 3 cents lower at $5.36. July soybean futures traded 7 cents higher at $13.89 per bushel, while November soybeans traded 4 cents higher at $12.18. The July wheat traded 1 cent higher at $7.10. For July soybean meal futures, the contract traded $3.00 per short ton higher at $406.30. The July soybean oil futures traded 11 cents higher at $49.25.

The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.

Discuss the corn, soybean, and wheat markets in Marketing Talk.

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