Corn market to stay flat-to-lower
A weaker trade is expected for the CME Group corn, soybean and wheat markets Monday.
The Early Calls for the commodities on Monday, February 27, 2012, are lower. Corn is seen opening 5-7 cents lower, soybeans 2-4 cents lower and wheat 3-5 cents lower.
In overnight trading, the May corn futures contract traded 5 1/2 cents lower at $6.38 1/2 per bushel. May soybean futures traded 3/4 of a cent lower at $12.86 per bushel, and May wheat traded 4 3/4 cents lower at $6.36 1/2. For May soybean meal futures, the contract traded $1.10 per short ton higher at $337.30. May soybean oil futures traded $0.25 lower at $54.40.
The outside markets are unfavorable for Monday's grain trade. The real factors driving the calls will be the lower overnight markets.
Tom White, FuturesRoad.net market analyst and CME GRoup corn pit trader, says that technically little has changed from last week.
"The corn market still trades within the parameters of a triangle and volatility indicators become tighter. The market remains flat. We don’t have anything definitive to add at this point but think that volatility should soon pick up," White says.