Farm markets to lean mostly higher
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.