Grains look to open Tuesday lower
CHICAGO, Illinois (Agriculture.com)--It looks like 'Turnaround Tuesday' for the CME Group farm markets, as a lower trade is expected.
The early calls for the commodities on Tuesday, March 12, 2013, are lower. Corn is seen opening 1-2 cents lower. Soybeans are seen 3-5 cents lower and wheat 1-2 cents lower.
In overnight trading, the May corn futures contract traded 1 cent lower at $7.11 per bushel. May soybean futures traded 5 cents lower at $14.74 per bushel, and May wheat traded 2 cents lower at $6.97. For May soybean meal futures, the contract traded $1.10 per short ton lower at $436.90. May soybean oil futures traded $0.25 cents lower at $50.19.
The outside markets are favorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.