Further gains seen for corn, soybean markets
The CME Group corn, soybean and wheat markets are expected to trade higher Tuesday.
The Early Calls for the commodities on Tuesday, July 31, 2012, are higher. Corn is seen opening 3-5 cents higher, soybeans 13-15 cents higher, and wheat 3-5 cents higher.
In overnight trading, the Sep. corn futures contract traded 2 3/4 cents higher at $8.22 3/4 per bushel, the Dec. up 4 3/4 cents at $8.18 3/4. The Sep. wheat futures traded 2 1/2 cents higher at $9.17. Aug. soybean futures traded 12 3/4 cents higher at $17.38 1/2, while the Nov. soybean futures traded 17 3/4 cents higher at $16.61 1/4. For the Aug. soybean meal futures, the contract traded $7.80 per short ton higher at $554.10. The Aug. soybean oil futures traded unchanged at $52.57.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.