Corn, soybean markets to drop Monday
DES MOINES, Iowa (Agriculture.com)--A weak overnight market is expected to have a follow-through affect on the CME Group corn, soybean and wheat prices Monday.
The early calls for the commodities on Monday, February 11, 2013, are lower. Corn is seen opening 2-4 cents lower. Soybeans are seen 17-18 cents lower and wheat 3-5 cents lower.
In overnight trading, the March corn futures contract traded 2 cents lower at $7.07 per bushel. March soybean futures traded 19 cents lower at $14.33 per bushel, and March wheat traded 4 cents lower at $7.52. For March soybean meal futures, the contract traded $6.70 per short ton lower at $415.70. March soybean oil futures traded $0.38 cent lower at $51.05.
The outside markets are favorable for Monday's grain trade. The real factors driving the calls will be the lower overnight markets.