Mixed open expected for Monday's trade
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Monday, January 3, 2011 are mostly lower. Corn is seen opening 1-2 cents lower, soybeans 2-4 cents lower and wheat up 6-8 cents.
In overnight electronic trading, the March corn futures contract traded 1 1/4 cents lower at $6.27 3/4 per bushel. The March soybean futures contract traded 3 cents lower at $14.00 per bushel. The March wheat futures contract traded 10 cents higher at $8.04 1/4. For March soymeal futures, the contract traded $1.20 per short ton lower at $372.70, and March soyoil up $0.18 at $58.55.
The outside markets are not supportive for Monday's grain trade. The real factors driving the mostly lower early calls are the mostly lower overnight markets. Some analysts see the funds moving some money away from ag commodities, in January, and moving it into the energy sector. But, there are others saying the exact opposite. Also, though Argentina is expected to get some light rains this week, the market remains watchful of that country's corn and soybean growing season.