Corn, soybeans seen falling Tuesday
With weaker overnight trading, the CME Group soybean, wheat and corn markets will face lower follow-through trading Tuesday.
The Early Calls for the commodities on Tuesday, May 22, 2012, are lower. Corn is seen opening 6-8 cents lower, wheat 14-16 cents lower and soybeans 4-6 cents lower.
In overnight trading, the July corn futures contract traded 7 1/2 cents lower at $6.25 1/2 per bushel. July soybean futures traded 5 1/2 cents lower at $14.07 per bushel, and July wheat traded 16 3/4 cents lower at $6.87 1/4. For July soybean meal futures, the contract traded $1.50 per short ton lower at $415.00. July soybean oil futures traded $0.03 higher at $50.95.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.