Corn, soybeans start August lower
The CME Group corn, soybean and wheat markets are poised to trade lower Wednesday.
The Early Calls for the commodities on Wednesday, August 1, 2012, are lower. Corn is seen opening 10-12 cents lower, soybeans 18-19 cents lower, and wheat 18-20 cents lower.
In overnight trading, the Sep. corn futures contract traded 13 1/2 cents lower at $7.93 per bushel. Aug. soybean futures traded 22 1/4 cents lower at $16.98 3/4 per bushel, and Sep. wheat traded 20 3/4 cents lower at $8.67. For Aug. soybean meal futures, the contract traded $7.20 per short ton lower at $537.50. Aug. soybean oil futures traded $0.24 lower at $52.31.
The outside markets are mostly favorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.