Corn, soybeans to face setback Thursday
For Thursday, the CME Group corn, soybean and wheat markets are poised to trade weaker.
The early calls for the commodities on Thursday, January 24, 2013, are lower. Corn is seen opening 3-5 cents lower. Soybeans are seen 10-12 cents lower and wheat 2-4 cents lower.
In overnight trading, the March corn futures contract traded 4 cents lower at $7.16 per bushel. March soybean futures traded 13 cents lower at $14.24 per bushel, and March wheat traded 4 cents lower at $7.70. For March soybean meal futures, the contract traded $4.66 per short ton lower at $411.90. March soybean oil futures traded $0.36 cents lower at $51.67.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.