Weakness Seen Continuing For Corn, Soybeans
On Tuesday, the CME Group's corn, soybean and wheat markets are expected to start mostly weaker.
The early calls for the commodities on Tuesday, June 17, 2014, are mixed. Corn is seen opening 1-2 cents lower, soybeans 7-8 cents lower, and wheat 1-2 cents higher.
In overnight trading, the July corn futures contract traded 1 1/4 cents lower at $4.39 per bushel. July soybean futures traded 8 cents lower at $14.13. The July wheat futures contract traded 1 cent higher at $5.82. For July soybean meal futures, the contract traded $0.70 per short ton lower at $461.70; July soybean oil futures traded $0.03 lower at $39.47.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the mostly weaker overnight markets.