Corn, soybeans, wheat to fall
With the dollar strengthening and more farmer-selling, the CME Group corn, soybeans and wheat markets will start significantly lower Monday.
The Early Calls for the commodities on Monday, October 31, 2011, are lower. Corn is seen opening 10-12 cents lower, soybeans 12-13 cents lower, and wheat down 8-10 cents.
In overnight electronic trading, the Dec. corn futures contract traded 10 1/4 cents lower at $6.44 3/4 per bushel. The Nov. soybean futures contract traded 12 3/4cents lower at $12.04 1/4 per bushel. The Dec. wheat futures contract traded 8 1/2 cents lower at $6.36. For Dec. soymeal futures, the contract traded $2.90 per short ton lower at $314.60 and Dec. soyoil $0.69 lower at $51.08.
The outside markets are unfavorable for Monday's grain trade. The real factors driving the calls will be the sharply lower overnight markets.