Higher corn, soybean markets Tuesday
The CME Group corn, soybean and wheat markets are seen trading higher Tuesday.
The Early Calls for the commodities on Tuesday, May 8, 2012, are higher. Corn and wheat are seen opening 5-7 cents higher, soybeans 2-4 cents higher.
In overnight trading, the July corn futures contract traded 7 1/2 cents higher at $6.27 1/2 per bushel. July soybean futures traded 2 1/4 cents higher at $14.68 per bushel, and July wheat traded 7 1/4 cents higher at $6.19 1/4. For July soybean meal futures, the contract traded $0.70 per short ton higher at $427.20. July soybean oil futures traded $0.24 at $53.82.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.