Corn, soy prices to dip
Following the overnight trade, the CME Group corn, soybeans and wheat prices could see a lower start Wednesday.
The Early Calls for the commodities on Wednesday, January 18, 2012, are lower. Corn is seen opening 4-6 cents lower, soybeans 8-10 cents lower, and wheat 5-7 cents lower.
In overnight trading, the March corn futures contract traded 4 1/2 cents lower at $5.99 3/4 per bushel. March soybean futures traded 9 3/4 cents lower at $11.73 3/4 per bushel, and March wheat traded 4 cents lower at $6.00 3/4. For March soybean meal futures, the contract traded $2.80 per short ton lower at $307.70. March soybean oil futures traded $0.36 lower at $50.41.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.