Fast planting to drop corn, soybeans
As U.S. farmers plant corn in a rapid pace, the CME Group corn, soybean and wheat markets fall overnight, creating a lower expected start to Tuesday's trade.
The Early Calls for the commodities on Tuesday, May 1, 2012, are lower.
Corn is seen opening 4-6 cents lower, soybeans 10-12 cents lower and wheat 6-8 cents lower.
In overnight trading, the July corn futures contract traded 4 1/2 cents higher at $6.29 3/4 per bushel. July soybean futures traded 12 1/4 cents lower at $14.93 1/4 per bushel, and July wheat traded 7 1/4 cents lower at $6.47 1/4. For July soybean meal futures, the contract traded $2.60 per short ton lower at $432.90. July soybean oil futures traded $0.42 lower at $54.63.
The outside markets are unfriendly for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.
In its weekly Crop Progress Report, the USDA rated the U.S. corn 53% planted.