Corn, soybean markets to dive
The CME Group corn, soybean and wheat markets have significant pressure from a progressive corn harvest, bearish chart signals, and weaker exports. As a result, the open outcry trading is seen sharply lower Monday.
The Early Calls for the commodities on Monday, September 17, 2012, are lower. Corn is seen opening 12-13 cents lower, soybeans 25-27 cents lower, and wheat 12-14 cents lower.
In overnight trading, the Dec. corn futures contract traded 13 cents lower at $7.68 per bushel. November soybean futures trade 31 cents lower at $17.07 per bushel, and Dec. wheat traded 12 cents lower at $9.12. For Dec. soybean meal futures, the contract traded $10.20 per short ton lower at $515.20. Dec. soybean oil futures traded $0.76 lower at $56.61.
The outside markets are unfavorable for Monday's grain trade. The real factors driving the calls will be the sharply lower overnight markets.