Soybeans set all-time high record
With a record-setting soybean trade overnight, the CME Group corn, soybean and wheat markets have support to trade higher Tuesday.
The Early Calls for the commodities on Tuesday, September 4, 2012, are higher. Corn is seen opening 9-11 cents higher, soybeans 18-20 cents higher, and wheat 7-9 cents higher.
In overnight trading, the Dec. corn futures contract traded 9 1/4 cents higher at $8.09 per bushel. September soybean futures hit an all-time high of $17.94. November soybean futures traded 21 cents higher at $17.77 1/2 per bushel, and Dec. wheat traded 7 1/2 cents higher at $8.97. For Dec. soybean meal futures, the contract traded $5.60 per short ton higher at $539.00. Dec. soybean oil futures traded $0.75 higher at $57.83.
The outside markets are favorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.