Corn, soybeans to slump Tuesday
Profit-taking has the CME Group soybean market looking weaker Tuesday, with corn and wheat to follow.
The Early Calls for the commodities on Tuesday, December 18, 2012, are lower. Corn is seen opening 5-7 cents lower, soybeans 18-20 cents lower, and wheat 3-5 cents lower.
In overnight trading, the March corn futures contract traded 5 cents lower at $7.18 per bushel. Jan. soybean futures traded 20 cents lower at $14.76 per bushel, and March wheat traded 3 cents lower at $8.05. For Jan. soybean meal futures, the contract traded $7.10 per short ton lower at $448.30. Jan. soybean oil futures traded $0.27 lower at $49.52.
The outside markets are mildly favorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.