Corn, wheat markets to dip Monday
A lack of fresh news and positioning ahead of tomorrow's USDA/WASDE Reports will combine to keep pressure on the CME Group corn, soybean and wheat markets Monday.
The Early Calls for the commodities on Monday, December 10, 2012, are mostly lower. Corn is seen opening 4-6 cents lower, soybeans 1-2 cents higher, and wheat 3-5 cents lower.
In overnight trading, the March corn futures contract traded 4 cents lower at $7.32 per bushel. Jan. soybean futures traded 1 cent higher at $14.73 per bushel, and March wheat traded 4 cents lower at $8.56. For Jan. soybean meal futures, the contract traded $0.90 per short ton lower at $443.80. Jan. soybean oil futures traded $0.01 lower at $51.12.
The outside markets are unfavorable for Monday's grain trade. The real factors driving the calls will be the lower overnight markets.