Demand may push farm markets up
With a weaker overtone coming from the outside markets, combined with lower overnight grain and soybean trade, the CME Group soybean and corn markets have a lower opening ahead Monday. However, the USDA announced fresh corn and soybean sales that could provide some spark for the farm markets.
The Early Calls for the commodities on Monday, April 23, 2012, are mixed-to-lower.
Corn is seen opening mixed, soybeans 1-2 cents higher and wheat 1-2 cents lower.
In overnight trading, the July corn futures contract traded unchanged at $6.03 per bushel. July soybean futures traded 3 cents lower at $14.46 3/4 per bushel, and July wheat traded 3/4 of a cent lower at $6.22 1/4. For July soybean meal futures, the contract traded $4.30 per short ton lower at $405.60. July soybean oil futures traded $0.28 lower at $56.00.
The outside markets are unfriendly for Monday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.