Stronger farm markets Tuesday
DES MOINES, Iowa (Agriculture.com)--With lower global soybean production estimates and stronger overnight markets, the CME Group corn and wheat markets are poised to start higher Tuesday.
The Early Calls for the commodities on Tuesday Monday, March 13, 2012, are higher.
Corn is seen opening 3-5 cents higher, soybeans 11-12 cents higher and wheat 3-5 cents higher.
Overnight, the May corn futures trade 3 1/2 cents higher at $6.63. The May soybean contract is trading 11 3/4 cents higher at $13.46 1/4. The May wheat futures are trading 5 1/2 cents higher at $6.56 3/4. The May soymeal futures are trading $2.90 per short ton higher at $365.00. The May soyoil futures are trading $0.60 higher at $54.56.
In the outside markets, the NYMEX crude oil is $0.41 per barrel higher, the dollar is higher and the Dow Jones Industrials are seen trading higher.
The overnight markets are seen supporting the grain markets Tuesday.