Lower Farm Markets Seen for Monday
On Monday, the CME Group's corn, soybean, and wheat markets are expected to start lower.
The early calls for the commodities on Monday, May 19, 2014, are mostly lower. Corn is seen opening 4 to 6 cents lower, soybeans 1 to 2 cents lower, and wheat 3 to 5 cents lower.
In overnight trading, the July corn futures contract traded 5 cents lower at $4.77 per bushel. July soybean futures traded 1 to 2 cents lower (old-crop) at $14.64. The July wheat futures contract traded 3 3/4 cents higher at $6.70. For July soybean meal futures, the contract traded $0.80 per short ton higher at $481.00; July soybean oil futures traded $0.13 lower at $40.62.
The outside markets are favorable for Monday's grain trade. The real factors driving the calls will be the lower overnight markets.