(Agriculture.com) – After reaching its daily ‘limit up’ mark yesterday, a wetter forecast for the eastern Corn Belt and colder temperatures for the western Corn Belt continues to provide support for the CME Group corn market Tuesday.
The Early Calls for the commodities on Tuesday, April 30, 2013, are mostly higher. Corn is seen opening 5-7 cents higher, soybeans 10-12 cents higher, and wheat 1-2 cents lower.
In overnight trading, the July corn futures contract traded 5 cents higher at $6.65 per bushel. July soybean futures traded 10 cents higher at $14.19 per bushel, and July wheat traded 1 cent lower at $7.16. For July soybean meal futures, the contract traded $5.50 per short ton higher at $421.90. Jan. soybean oil futures traded $0.05 higher at $49.56.
The outside markets are unfavorable for Tuesday’s grain trade. The real factors driving the calls will be the higher overnight markets.
