Farm markets seen trading mixed Tuesday
The CME Group commodities are expected to start mixed Tuesday. The early calls for the commodities on Tuesday, January 8, 2012, are mostly lower. Corn is seen opening 1 to 2 cents lower. Soybeans are seen 5 to 7 cents lower, and wheat 3 to 5 cents higher.
In overnight trading, the March corn futures contract traded 1 cent lower at $6.84 per bushel. January soybean futures traded 5 cents lower at $14.05 per bushel, and March wheat traded 3 cents higher at $7.54. For January soybean meal futures, the contract traded $2.50 per short ton lower at $406.00. January soybean oil futures traded 10 cents lower at $49.40.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the mixed overnight markets.