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Dollar drops corn, soybean markets

11/01/2011 @ 7:13am

With global markets under pressure, the dollar strengthening, and continued bad vibes from MF Global's financial future, the CME Group corn, soybean, and wheat markets look to follow a sharply lower overnight market Tuesday.

The Early Calls for the commodities on Tuesday, November 1, 2011, are considerably lower. Corn is seen opening 10-12 cents lower, soybeans 18-20 cents lower, and wheat down 8-10 cents.

In overnight electronic trading, the Dec. corn futures contract traded 12 1/2 cents lower at $6.34 1/2 per bushel. The Jan. soybean futures contract traded 18 3/4 cents lower at $11.98 1/2 per bushel. The Dec. wheat futures contract traded 9 3/4 cents lower at $6.18 1/2. For Dec. soymeal futures, the contract traded $4.80 per short ton lower at $311.30 and Dec. soyoil $0.68 lower at $50.49. 

The outside markets are sharply unfavorable for Tuesday's grain trade. The real factors driving the calls will be the sharply lower overnight markets.


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