Weaker farm markets seen for Thursday
On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start lower.
The early calls for the commodities on Thursday, February 20, 2014, are weaker. Corn is seen opening 1 to -2 cents lower, soybeans 5 to 7 cents lower, and wheat 1 to 2 cents lower.
In overnight trading, the March corn futures contract traded 2 cents lower at $4.51 per bushel. May soybean futures traded 7 cents lower at $13.34. The May wheat futures contract traded 2 cents lower at $6.11. For May soybean meal futures, the contract traded $3.60 per short ton lower at $432.90; May soybean oil futures traded $0.11 higher at $40.63.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.