Turnaround Tuesday Means Lower Farm Markets
After starting the week with a rally, 'Turnaround Tuesday' is set to send the CME Group's corn and wheat markets lower, soybean mixed.
The early calls for the commodities on Tuesday, March 25, 2014, are mostly lower. Corn is seen opening 2 to 4 cents lower, soybeans mixed, and wheat 7 to 9 cents lower.
In overnight trading, the May corn futures contract traded 3 cents lower at $4.87 per bushel. May soybean futures traded 1/2 cent lower at $14.25. The May wheat futures contract traded 6 1/4 cents lower at $7.08. For May soybean meal futures, the contract traded $0.40 per short ton higher at $462.40; May soybean oil futures traded $0.01 higher at $40.85.
The outside markets are mostly unfavorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.