Soybean rally to roll on Tuesday
For Tuesday, the soybean rally is expected to continue, pushing up the CME Group corn and wheat markets with it.
The early calls for the commodities on Tuesday, January 15, 2013, are higher. Corn is seen opening 2-4 cents higher. Soybeans are seen 14-16 cents higher and wheat 5-7 cents higher.
In overnight trading, the March corn futures contract traded 2 cents higher at $7.26 per bushel. March soybean futures traded 14 cents higher at $14.32 per bushel, and March wheat traded 5 cents higher at $7.72. For March soybean meal futures, the contract traded $3.10 per short ton higher at $420.60. March soybean oil futures traded $0.52 cents higher at $50.97.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.