Corn, soybeans to drop Thursday
After trading higher yesterday, the CME Group's corn, soybean, and wheat markets are expected to start lower Thursday.
The early calls for the commodities on Thursday, August 22, 2013, are lower. Corn is seen opening 4 to 6 cents lower, soybeans 10 to 12 cents lower, and wheat 5 to 7 cents lower.
In overnight trading, the Sept. corn futures contract traded 5 cents higher at $4.93 per bushel. Dec. corn futures traded 7 cents lower at $4.75 per bushel. Sept. soybean futures traded 10 cents lower at $13.22, while the Nov. soybean futures traded 16 cents lower at $12.87. The Dec. wheat futures contract traded 5 cents lower at $6.44 For Dec. soybean meal futures, the contract traded $8.50 per short ton lower at $399.60; Dec. soybean oil futures traded 4 cents higher at $43.21.
The outside markets are slightly unfavorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.