Lower Farm Markets Seen Tuesday
On Tuesday, the CME Group's corn, soybean, and wheat markets are expected to start lower.
The early calls for the commodities on Tuesday, May 6, 2014, are weaker. Corn is seen opening 2 to 4 cents lower, soybeans 10 to 12 cents lower, and wheat 1 to 2 cents lower.
In overnight trading, the July corn futures contract traded 2 3/4 cents lower at $5.05 per bushel. July soybean futures traded 14 1/2 cents lower at $14.48. The July wheat futures contract traded 3/4 lower at $7.25. For July soybean meal futures, the contract traded $5.70 per short ton lower at $473.00; July soybean oil futures traded $0.09 higher at $41.26.
The outside markets are favorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.