Corn, soybean markets to sink
A lower overnight trade is signaling the same kind of prices for the CME Group corn, soybean and wheat day session Thursday. China's weak manufacturing report has all commodities falling.
The Early Calls for the commodities on Thursday, March 22, 2012, are lower.
Corn is seen opening 3-4 cents lower, soybeans 8-10 cents lower and wheat 3-5 cents lower.
In overnight trading, the July corn futures contract traded 3 3/4 cents lower at $6.37 1/2 per bushel. July soybean futures traded 8 3/4 cents lower at $13.53 1/4 per bushel, and July wheat traded 2 3/4 cents lower at $6.43. For July soybean meal futures, the contract traded $2.30 per short ton lower at $368.60. July soybean oil futures traded $0.32 lower at $54.44.
The outside markets are not favorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.