Soybeans shooting higher Monday
On Monday, the CME Group's corn, soybean, and wheat markets are expected to start sharply higher.
The early calls for the commodities on Tuesday, August 26, 2013, are higher. Corn is seen opening 18 to 20 cents higher, soybeans 45 to 48 cents higher, and wheat 10 to 12 cents higher.
In overnight trading, the Sept. corn futures contract traded 16 cents higher at $5.11 per bushel. Dec. corn futures traded 19 cents higher at $4.89 per bushel. Aug. soybean futures traded 52 cents higher at $14.17, while the Nov. soybean futures traded 55 cents higher at $13.83. The Dec. wheat futures contract traded 11 cents higher at $6.57. For Dec. soybean meal futures, the contract traded $18.60 per short ton higher at $438.10; Dec. soybean oil futures traded $1.39 higher at $44.39.
The outside markets are unfavorable for Monday's grain trade. The real factors driving the calls will be the surging overnight markets.