Corn, soybean markets to dip
Midwest rain has the CME Group corn, soybean and wheat markets leaning lower Wednesday.
The Early Calls for the commodities on Wednesday, August 8, 2012, are lower. Corn is seen opening 5-7 cents lower, soybeans 4-6 cents lower, and wheat 10-12 cents lower.
In overnight trading, the Sep. corn futures contract traded 6 1/2 cents lower at $7.89 1/2 per bushel. Aug. soybean futures traded unchanged at $16.05 1/4 per bushel, and Sept. wheat traded 11 1/2 cents lower at $8.77 1/4. For soybean meal futures, the Sep. contract traded $0.60 per short ton lower at $491.00. Sep. soybean oil futures traded $0.08 higher at $51.60.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.