Higher corn, soybean opening prices seen
With a stronger overnight trade along with a lot of positioning ahead of this week's USDA Planting Intentions and Quarterly Stocks Reports, the CME Group corn, soybean and wheat markets look to start the day's trade higher Tuesday.
The Early Calls for the commodities on Tuesday, March 27, 2012, are higher.
Corn is seen opening 5-7 cents higher, soybeans 6-8 cents higher and wheat 2-4 cents higher.
In overnight trading, the July corn futures contract traded 5 1/4 cents higher at $6.41 1/4 per bushel. July soybean futures traded 6 1/4 cents higher at $13.90 1/2 per bushel, and July wheat traded 2 cents higher at $6.72 1/4. For July soybean meal futures, the contract traded $1.30 per short ton higher at $379.70. July soybean oil futures traded $0.12 higher at $55.95.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the higher soybean overnight markets.