Downward farm futures prices
With unfavorable outside markets and weak economic news out of China, the CME Group farm futures look to be headed downward today.
The Early Calls for the commodities on Tuesday, October 18, 2011, are sharply lower.
In overnight electronic trading, the Dec. corn futures contract traded 9 1/4 cents lower at $6.31 1/4 per bushel. The Nov. soybean futures contract traded 22 3/4 cents lower at $12.30 1/4 per bushel. The Dec. wheat futures contract traded 7 1/4 cents lower at $6.17. For Dec. soymeal futures, the contract traded $4.70 per short ton lower at $318.30 and Dec. soyoil $0.93 lower at $51.97.
The outside markets are not supportive for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.
Tom White, FutureRoad.net grain trader, says the markets will have trouble finding a solid trade pattern today. "Yesterday’s trade would appear to reinforce the view that we are in a fourth wave (corrective) technical phase. This means potential back and forth trade will continue. Stay tuned," White says.