A lower start expected for farm markets
The CME Group's corn, soybean, and wheat markets are expected to start mostly lower Tuesday.
The early calls for the commodities on Tuesday, May 14, 2013, are mostly lower. Corn is seen opening 1 to 2 cents lower, soybeans 2 to 4 cents higher, and wheat 1 to 2 cents lower.
In overnight trading, the July corn futures contract traded 2 cents lower at $6.53 per bushel. The December corn futures traded unchanged at $5.39. July soybean futures traded 4 cents higher at $14.23 per bushel, while November soybeans traded 2 cents higher at $12.12. The July wheat traded 1 cent lower at $7.09. For July soybean meal futures, the contract traded $2.10 per short ton higher at $417.00. The July soybean oil futures traded 19 cents lower at $49.42.
The outside markets are mostly favorable for Tuesday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.