Tuesday's farm markets seen mixed
With one day left before the USDA Crop Production Report, the CME Group corn, soybean and wheat markets have support to start the open outcry trading higher Tuesday.
However, the closer the time gets towards the opening bell, the farm markets appear to be turning mixed, despite a higher overnight.
The Early Calls for the commodities on Tuesday, September 11, 2012, are higher. Corn is seen opening 2-4 cents higher, soybeans 1-2 cents higher, and wheat 2-4 cents higher.
In overnight trading, the Dec. corn futures contract traded 3 1/2 cents higher at $7.86 per bushel. November soybean futures traded traded unchanged at $17.18 per bushel, and Dec. wheat traded 2 cents higher at $8.91 3/4. For Dec. soybean meal futures, the contract traded $0.90 per short ton higher at $520.30. Dec. soybean oil futures traded $0.05 lower at $56.51.
The outside markets are favorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.