Corn Seen Slightly Higher Monday
On Monday, the CME Group's corn, soybean, and wheat markets are expected to start lower.
The early calls for the commodities on Monday, August 11, 2014, are mostly weaker. Corn is seen opening 1 to 2 cents higher, soybeans 1 to 2 cents lower, and wheat 4 to 5 cents lower. In overnight trading, the Dec. corn futures contract traded 1/2 cent higher at $3.64 per bushel. Nov. soybean futures traded 1 1/4 cents lower at $10.83. The Sep. wheat futures contract traded 3 3/4 cents lower at $5.45. For Dec. soybean meal futures, the contract traded $1.20 per short ton higher at $351.80; Dec. soybean oil futures traded $0.40 lower at $35.47.
The outside markets are unfavorable for Monday's grain trade. The real factors driving the calls will be the lower overnight markets.