Farm Markets to Drop Tuesday
On Monday, the CME Group's corn, soybean, and wheat markets are expected to start lower.
The early calls for the commodities on Tuesday, August 5, 2014, are weaker. Corn is seen opening 2 to 4 cents lower, soybeans 12 to 14 cents lower, and wheat 1 to 2 cents lower. In overnight trading, the Dec. corn futures contract traded 3 cents lower at $3.66 per bushel. Nov. soybean futures traded 12 1/2 cents lower at $10.67. The Sep. wheat futures contract traded 1 1/4 cents lower at $5.42. For Dec. soybean meal futures, the contract traded $3.50 per short ton lower at $344.30; Dec. soybean oil futures traded $0.47 lower at $35.93.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.