The Early Calls for the commodities on Tuesday, May 8, 2012, are higher. Corn and wheat are seen opening 5-7 cents higher, soybeans 2-4 cents higher.
In overnight trading, the July corn futures contract traded 7 1/2 cents higher at $6.27 1/2 per bushel. July soybean futures traded 2 1/4 cents higher at $14.68 per bushel, and July wheat traded 7 1/4 cents higher at $6.19 1/4. For July soybean meal futures, the contract traded $0.70 per short ton higher at $427.20. July soybean oil futures traded $0.24 at $53.82.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the higher overnight markets.
