Corn, soybean prices to sink
Unfavorable outside markets and a sharply lower overnight trade has the outlook for Monday's CME Group corn, soybean and wheat markets lower.
The Early Calls for the commodities on Monday, April 16, 2012, are weaker.
Corn is seen opening 7-9 cents lower, soybeans 9-11 cents lower and wheat 6-8 cents lower.
In overnight trading, the July corn futures contract traded 7 1/4 cents lower at $6.13 1/2 per bushel. July soybean futures traded 9 3/4 cents lower at $14.31 per bushel, and July wheat traded 6 3/4 cents lower at $6.23 1/2. For July soybean meal futures, the contract traded $2.40 lower per short ton at $395.40. July soybean oil futures traded $0.52 lower at $56.35.
The outside markets are unfriendly for Monday's grain trade. The real factors driving the calls will be the sharply lower overnight markets.