Argentine rains drop grains
With rain falling in the dry areas of Argentina, the CME Group corn, soybeans and wheat prices are seen pulling back Tuesday.
The Early Calls for the commodities on Tuesday, January 10, 2012, are weaker. Corn is seen opening 1-2 cents lower, soybeans 7-9 cents lower, and wheat 3-5 cents lower.
In overnight trading, the March corn futures contract traded 1 cent lower at $6.50 1/2 per bushel. March soybean futures traded 7 cents lower at $12.26 per bushel, and March wheat traded 3 cents lower at $6.38. For March soybean meal futures, the contract traded $2.20 per short ton lower at $321.00. March soybean oil futures traded $0.17 lower at $52.16.
The outside markets are favorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.