Corn, soybean prices to dip
On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start lower.
The early calls for the commodities on Wednesday, September 4, 2013, are lower. Corn is seen opening 5 to 7 cents lower, soybeans 12 to 14 cents lower, and wheat 3 to 5 cents lower.
In overnight trading, the Sept. corn futures contract traded 5 cents lower at $4.92 per bushel. Dec. corn futures traded 4 cents lower at $4.70 per bushel. Sep. soybean futures traded 16 cents lower at $14.19, while the Nov. soybean futures traded 15 cents lower at $13.71. The Dec. wheat futures contract traded 3 cents lower at $6.44. For Dec. soybean meal futures, the contract traded $6.80 per short ton lower at $432.10; Dec. soybean oil futures traded $0.15 lower at $44.04.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.