Rain to support corn prices Monday
A wetter forecast for the Midwest is propping up the CME Group corn, soybean, and wheat markets Monday.
The Early Calls for the commodities on Monday, April 29, 2013, are higher. Corn is seen opening 8 to 10 cents higher, soybeans 1 to 2 cents higher, and wheat 3 to 5 cents higher.
In overnight trading, the July corn futures contract traded 11 cents higher at $6.34 per bushel. July soybean futures traded 1 cent higher at $13.82 per bushel, and July wheat traded 5 cents higher at $6.97. For July soybean meal futures, the contract traded $1.18 per short ton higher at $406.50. January soybean oil futures traded 34 cents lower at $49.20.
The outside markets are favorable for Monday's grain trade. The real factors driving the calls will be the higher overnight markets.