Corn, soybean prices to stumble
Following a record-setting day, profit-taking is making way for lower CME Group corn, soybean and wheat markets Wednesday.
The Early Calls for the commodities on Wednesday, September 5, 2012, are lower. Corn is seen opening 6-8 cents lower, soybeans 7-9 cents lower, and wheat 5-7 cents lower.
In overnight trading, the Dec. corn futures contract traded 6 1/2 cents lower at $7.98 per bushel. November soybean futures traded 7 3/4 cents lower at $17.60 1/2 per bushel, and Dec. wheat traded 5 cents lower at $8.83 3/4. For Dec. soybean meal futures, the contract traded $2.10 per short ton lower at $531.30. Dec. soybean oil futures traded $0.38 lower at $57.84.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.