Corn seen dropping 30¢
DES MOINES, Iowa (Agriculture.com)--Due to follow-through from Thursday's bearish USDA Reports, to start this week, the CME Group corn, soybean and wheat markets are seen sharply lower Monday.
The early calls for the commodities on Monday, April 1, 2013, are sharply lower. Old-crop corn is seen opening 30-32 cents lower. Old-crop soybeans are seen 17 cents lower and wheat 6-8 cents lower.
In overnight trading, the May corn futures contract traded 34 cents (4.7%) lower at $6.61 per bushel. May soybean futures traded 17 cents lower at $13.87 per bushel, and May wheat traded 6 cents lower at $6.81. For May soybean meal futures, the contract traded $4.70 per short ton lower at $399.90. May soybean oil futures traded $0.56 cents lower at $49.55.
The outside markets are unfavorable for Monday's grain trade. The real factors driving the calls will be the sharply lower overnight markets.