Corn, soybeans to drop
DES MOINES, Iowa (Agriculture.com)--With profit-taking and expectations of a bearish USDA Ag Outlook Report, today's CME Group corn, soybean and wheat markets are seen lower.
The early calls for the commodities on Thursday, February 21, 2013, are lower. Corn is seen opening 1-2 cents lower. Soybeans are seen 4-6 cents lower and wheat 3-5 cents lower.
In overnight trading, the March corn futures contract traded 2 cents lower at $6.98 per bushel. March soybean futures traded 4 cents lower at $14.78 per bushel, and March wheat traded 5 cents lower at $7.33. For March soybean meal futures, the contract traded $0.10 per short ton higher at $433.70. March soybean oil futures traded $0.53 cents lower at $51.54.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.