Stronger farm markets ahead Monday
On Monday, the CME Group's corn, soybean, and wheat markets are expected to start considerably stronger.
The early calls for the commodities on Monday, August 19, 2013, are higher. Corn is seen opening 8 to 10 cents higher, soybeans 18 to 20 cents higher, and wheat 5 to 7 cents higher.
In overnight trading, the Sept. corn futures contract traded 9 cents higher at $4.82 per bushel. Dec. corn futures traded 8 cents lower at $4.71 per bushel. Sept. soybean futures traded 20 cents higher at $13.03, while the Nov. soybean futures traded 19 cents higher at $12.78. The Sept. wheat futures contract traded 5 cents higher at $6.36. For Dec. soybean meal futures, the contract traded $7.10 per short ton higher at $393.40; Dec. soybean oil futures traded 32 cents lower at $43.48.
The outside markets are unfavorable for Monday's grain trade. The real factors driving the calls will be the stronger overnight markets.