A pullback seen for corn, wheat markets
DES MOINES, Iowa (Agriculture.com)--With mostly lower overnight follow-through combined with weak export sales news, the CME Group farm markets are seen mostly lower Thursday.
The early calls for the commodities on Thursday, March 21, 2013, are mostly lower. Corn is seen opening 2-4 cents lower. Soybeans are seen 9-11 cents higher and wheat 1-2 cents lower.
In overnight trading, the May corn futures contract traded 1/2 of a cent lower at $7.32 per bushel. May soybean futures traded 7 cents higher at $14.27 per bushel, and May wheat traded 1/4 of a cent lower at $7.35. For May soybean meal futures, the contract traded $2.20 per short ton higher at $416.00. May soybean oil futures traded $0.42 cents higher at $50.26.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.