Early Calls for commodities drop
What a difference a day makes. Yesterday's bullish talk of Argentine crop-stress has turned bearish, following soaking rains in that country overnight.
As a result, the CME Group corn, soybeans and wheat price-calls are lower for Tuesday.
The Early Calls for the commodities on Tuesday, January 24, 2012, are lower. Corn is seen opening 2-4 cents lower, soybeans 9-11 cents lower, and wheat 3-6 cents lower.
In overnight trading, the March corn futures contract traded 1 cent lower at $6.19 per bushel. March soybean futures traded 9 cents lower at $12.08 1/2 per bushel, and March wheat traded 3 cents lower at $6.16 3/4. For March soybean meal futures, the contract traded $1.80 per short ton lower at $319.20. March soybean oil futures traded $0.24 lower at $51.18.
The outside markets are not favorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets and the reported 'soaker' of a rain that has fallen in Argentina's driest crop regions.