Farm Markets to Dip Monday
On Monday, the CME Group's corn, soybean, and wheat markets are expected to start lower. The day's trade will be determined by the USDA June Acreage/Stocks Reports to be released at 11:00 a.m. CT.
The early calls for the commodities on Monday, June 30, 2014, are down. Corn is seen opening 2 to 4 cents lower, soybeans 2 to 4 cents lower, and wheat 5 to 7 cents lower.
In overnight trading, the Dec. corn futures contract traded 4 1/2 cents lower at $4.42 per bushel. Nov. soybean futures traded 1 3/4 cents lower at $12.26. The Dec. wheat futures contract traded 5 cents lower at $6.07. For Dec. soybean meal futures, the contract traded $0.50 per short ton higher at $393.50; Dec. soybean oil futures traded $0.21 lower at $40.18.
The outside markets are slightly favorable for Monday's grain trade. The real factors driving the calls will be the lower overnight markets.