Corn, soybean prices to dip
On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start down.
The early calls for the commodities on Thursday, August 29, 2013, are lower. Corn is seen opening 2 to 4 cents lower, soybeans 5 to 7 cents lower, and wheat 1 to 2 cents lower.
In overnight trading, the Sept. corn futures contract traded 4 cents lower at $5.00 per bushel. Dec. corn futures traded 1 cent lower at $4.79 per bushel. Sep. soybean futures traded 5 cents lower at $14.28, while the Nov. soybean futures traded 3 cents lower at $13.70. The Dec. wheat futures contract traded 3 cents lower at $6.56. For Dec. soybean meal futures, the contract traded $0.60 per short ton lower at $428.70; Dec. soybean oil futures traded $0.17 lower at $44.61.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.