Farm Markets Seen Mostly Lower Monday
On Monday, the CME Group's corn, soybean, and wheat markets are expected to start mostly lower.
The early calls for the commodities on Monday, May 12, 2014, are weaker. Corn is seen opening 1 to 2 cents lower, soybeans 1 to 2 cents higher, and wheat 10 to 12 cents lower.
In overnight trading, the July corn futures contract traded 3 cents lower at $5.04 per bushel. July soybean futures traded 1/2 cent higher at $14.87. The July wheat futures contract traded 12 1/2 cents lower at $7.10. For July soybean meal futures, the contract traded $1.80 per short ton lower at $485.80; July soybean oil futures traded $0.49 higher at $41.67.
The outside markets are favorable for Monday's grain trade. The real factors driving the calls will be the lower overnight markets.