Farm markets to move higher Tuesday
The CME Group's corn, soybean, and wheat markets are expected to start mostly higher Tuesday.
The early calls for the commodities on Tuesday, May 28, 2013, are mostly higher. Corn is seen opening 1 to 2 cents higher, soybeans 10 to 12 cents higher, and wheat 1 to 2 cents lower.
In overnight trading, the July corn futures contract traded 2 cents higher at $6.59 per bushel. The December corn futures traded 7 cents higher at $5.43. July soybean futures traded 12 cents higher at $14.88 per bushel, while November soybeans traded 11 cents higher at $12.58. The July wheat traded 1 cent lower at $6.96. For July soybean meal futures, the contract traded $4.30 per short ton higher at $432.50. The July soybean oil futures traded 35 cents higher at $49.59.
The outside markets are slightly unfavorable for Tuesday's grain trade. The real factors driving the calls will be the mostly higher overnight markets.