Lower farm markets expected for midweek
On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start lower.
The early calls for the commodities on Wednesday, February 26, 2014, are mostly weaker. Corn is seen opening 1 to 2 cents lower, soybeans 2 to 4 cents lower, and wheat 2 to 4 cents lower.
In overnight trading, the May corn futures contract traded 1 1/4 cents lower at $4.60 per bushel. May soybean futures traded 4 1/4 cents lower at $13.83. The May wheat futures contract traded 2 1/4 cents lower at $6.15. For May soybean meal futures, the contract traded $4.10 per short ton lower at $449.60; May soybean oil futures traded $0.49 higher at $41.34.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.