Monday's farm markets seen higher
As the overnight markets traded overnight, the CME Group corn, soybeans, and wheat prices are expected to be priced higher Monday.
The Early Calls for the commodities on Monday, November 14, 2011, are higher. Corn is seen opening 4-6 cents higher, soybeans 8-10 cents higher, and wheat 3-5 cents higher.
However, the outside markets are unfavorable and can hamper gains.
In overnight electronic trading, the Dec. corn futures contract traded 4 cents higher at $6.42 1/2 per bushel. The Jan. soybean futures contract traded 11 cents lower at $11.86 1/2 per bushel. The Dec. wheat futures contract traded 3 cents higher at $6.19 3/4. For Dec. soymeal futures, the contract traded $1.60 per short ton higher at $301.10 and Dec. soyoil $0.36 higher at $51.34.
The outside markets are unfavorable for Monday's grain trade. Plus, the world economic worries persist, with the spotlight on Italy's attempt to put together a new government. The real factors driving the calls will be the higher overnight markets.