Higher corn, soybean prices seen Monday
The CME Group corn, soybean and wheat markets are poised to trade higher Monday.
The Early Calls for the commodities on Monday, August 20, 2012, are higher. Corn is seen opening 5-7 cents higher, soybeans 10-12 cents higher, and wheat 3-5 cents higher.
In overnight trading, the Dec. corn futures contract traded 7 3/4 cents higher at $8.15 per bushel. Dec, soybean futures traded 14 1/2 cents higher at $16.60 per bushel, and Dec, wheat traded 2 cents higher at $8.96 1/2. For Dec. soybean meal futures, the contract traded $4.10 per short ton higher at $504.00. Dec, soybean oil futures traded $0.33 higher at $54.07.
The outside markets are mostly unfavorable for Monday's grain trade. The real factors driving the calls will be the higher overnight markets.