Soybeans to shoot sky-high Tuesday
On Tuesday, the CME Group's corn, soybean, and wheat markets are expected to start higher.
The early calls for the commodities on Tuesday, September 3, 2013, are higher. Corn is seen opening 9 to 10 cents higher, soybeans 40 to 45 cents higher, and wheat 5 to 7 cents higher.
In overnight trading, the Sept. corn futures contract traded 9 cents higher at $5.03 per bushel. Dec. corn futures traded 8 cents higher at $4.90 per bushel. Sep. soybean futures traded 40 cents higher at $14.64, while the Nov. soybean futures traded 45 cents higher at $14.02. The Dec. wheat futures contract traded 5 cents higher at $6.59. For Dec. soybean meal futures, the contract traded $20.00 per short ton higher at $443.70; Dec. soybean oil futures traded $0.32 higher at $44.61.
The outside markets are slightly unfavorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.