Sharply higher corn, soybean prices seen
The CME Group corn, soybean and wheat markets will start sharply higher Tuesday.
The Early Calls for the commodities on Tuesday, June 19, 2012, are higher. Corn is seen opening 10-12 cents higher, soybeans 25-26 cents higher, and wheat 10-12 cents higher.
In overnight trading, the July corn futures contract traded 10 1/2 cents higher at $6.10 per bushel. July soybean futures traded 27 1/4 cents higher at $14.11 3/4 per bushel, and July wheat traded 13 cents higher at $6.43 1/4. For July soybean meal futures, the contract traded $7.90 per short ton higher at $420.80. July soybean oil futures traded $0.84 higher at $49.60.
The outside markets are mildly favorable for Tuesday's grain trade. The real factors driving the calls will be the sharply higher overnight markets.