Corn, Soybean Markets Seen Lower Tuesday
On Tuesday, the CME Group's corn, soybean and wheat markets are expected to start lower.
The early calls for the commodities on Tuesday, July 1, 2014, are weaker. Corn is seen opening 2-4 cents lower, soybeans 10-12 cents lower, and wheat 1-2 cents lower.
In overnight trading, the Dec. corn futures contract traded 4 3/4 cents lower at $4.20 per bushel. Nov. soybean futures traded 13 cents lower at $11.44. The Sep. wheat futures contract traded 1 3/4 cents lower at $5.76. For Dec. soybean meal futures, the contract traded $5.00 per short ton lower at $362.40; Dec. soybean oil futures traded $0.13 lower at $39.02.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.