Wednesday's Farm Markets Seen Lower
On Tuesday, the CME Group's corn, soybean, and wheat markets are expected to start lower.
The early calls for the commodities on Wednesday, July 2, 2014, are weaker. Corn is seen opening 2 to 4 cents lower, soybeans 1 to 2 cents lower, and wheat 1 to 2 cents lower.
In overnight trading, the Dec. corn futures contract traded 2 1/4 cents lower at $4.20 per bushel. Nov. soybean futures traded 1 3/4 cents lower at $11.45. The Sep. wheat futures contract traded 1 cent lower at $5.71. For Dec. soybean meal futures, the contract traded $0.80 per short ton higher at $362.90; Dec. soybean oil futures traded $0.20 lower at $38.77.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.