Soybean rally to continue Tuesday
With the overnight markets favoring soybean prices, the CME Group corn and wheat markets look for follow-through support Tuesday.
The Early Calls for the commodities on Tuesday, November 15, 2011, are mostly higher. Corn is seen opening 2-4 cents higher, soybeans 10-12 cents higher, and wheat 1-2 cents lower.
In overnight electronic trading, the Dec. corn futures contract traded 3 cents higher at $6.36 1/2 per bushel. The Jan. soybean futures contract traded 12 3/4 cents higher at $11.91 per bushel. The Dec. wheat futures contract traded 1 3/4 cents lower at $6.14. For Dec. soymeal futures, the contract traded $3.10 per short ton higher at $302.30 and Dec. soyoil $0.36 higher at $51.58.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the outside markets.