Corn, soybeans to give back gains
The CME Group corn, soybean and wheat markets are seen giving back any gains Tuesday from yesterday.
The early calls for the commodities on Tuesday, October 23, 2012, are lower. Corn is seen opening 3 to 5 cents lower, soybeans 12 to 14 cents lower, and wheat 7 to 9 cents lower.
In overnight trading, the December corn futures contract traded 4 3/4 cents lower at $7.56 1/2 per bushel. November soybean futures traded 10 cents lower at $15.36 per bushel, and December wheat traded 6 3/4 cents higher at $8.71 1/2. For December soybean meal futures, the contract traded $2.60 per short ton lower at $468.40. December soybean oil futures traded 24 cents lower at $51.42.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.