Corn, soybeans seen opening lower
Even though a disconnect seems to be occurring, the CME Group corn, soybean and wheat markets are poised to trade lower Monday.
The Early Calls for the commodities on Monday, August 6, 2012, are lower. Corn is seen opening 5-7 cents lower, soybeans 27-28 cents lower, and wheat 3-5 cents lower.
In overnight trading, the Sep. corn futures contract traded 5 cents lower at $8.05 per bushel. Aug. soybean futures traded 32 cents lower at $16.24 1/2 per bushel, and Sept. wheat traded 4 1/4 cents lower at $8.87. For soybean meal futures, the Aug. contract traded $11.50 per short ton lower at $520.00. Aug. soybean oil futures traded $0.92 lower at $51.12.
The outside markets are not favorable for Monday's grain trade. The real factors driving the calls will be the lower overnight markets.