Farm market weakness continues
Rain relief for Argentine crops, positioning ahead of tomorrow's USDA Reports, and a stronger U.S. Dollar combine to keep pressure on the CME Group corn, soybeans and wheat prices Wednesday.
The Early Calls for the commodities on Wednesday, January 11, 2012, are weaker. Corn is seen opening 3-6 cents lower, soybeans 11-12 cents lower, and wheat 3-5 cents lower.
In overnight trading, the March corn futures contract traded 3 1/4 cents lower at $6.48 3/4 per bushel. March soybean futures traded 11 3/4 cents lower at $12.20 1/4 per bushel, and March wheat traded 3 1/2 cents lower at $6.36 1/4. For March soybean meal futures, the contract traded $0.30 per short ton lower at $319.50. March soybean oil futures traded $0.44 lower at $52.06.
The outside markets are not favorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.