Higher corn, soybean trading Tuesday
Less pressure from Midwest rain, falling crop condition ratings, and positioning ahead of Friday's USDA Crop Report have the CME Group corn, soybean and wheat markets set to trade higher Tuesday.
The Early Calls for the commodities on Tuesday, August 7, 2012, are higher. Corn is seen opening 5-7 cents higher, soybeans 12-14 cents higher, and wheat 3-5 cents higher.
In overnight trading, the Sep. corn futures contract traded 4 cents higher at $8.07 per bushel. Aug. soybean futures traded 11 1/2 cents higher at $16.19 per bushel, and Sept. wheat traded 5 cents higher at $8.98 1/4. For soybean meal futures, the Aug. contract traded $2.90 per short ton higher at $521.10. Aug. soybean oil futures traded $0.52 higher at $52.00.
The outside markets are favorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.