Tuesday grains starting lower
The pre-opening prices for the CME Group grain commodities for Tuesday, August 30, 2011 are lower. Corn is seen opening 4-6 cents lower, soybeans 4-6 cents lower and wheat down 3-5 cents.
In overnight electronic trading, the Dec. corn futures contract traded 6 cents lower at $7.64 per bushel. The Nov. soybean futures contract traded 6 cents lower at $14.41 per bushel. The Dec. wheat futures contract traded 6 cents lower at $7.89. For Dec. soymeal futures, the contract traded $2.40 lower at $384.00 and Dec. soyoil $0.44 lower at $58.14.
The outside markets are not supportive for Tuesday's grain trade. The real factors driving the calls are the lower overnight markets.