Mostly lower farm markets seen Thursday
Lower overnight markets and bearish export news are expected to keep a lid on gains for the CME Group corn, soybean markets Thursday.
The early calls for the commodities on Thursday, December 27, 2012, are mostly lower. Corn is seen opening 2-4 cents lower, soybeans 1-2 cents higher, and wheat 4-5 cents lower.
In overnight trading, the March corn futures contract traded 2 cents lower at $6.90 per bushel. January soybean futures traded 1/2 of a cent higher at $14.25 per bushel, and March wheat traded 5 cents lower at $7.68. For January soybean meal futures, the contract traded $0.80 per short ton higher at $432.10. January soybean oil futures traded 40 cents higher at $48.69.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.