Farm markets to continue losses Thursday
After sinking to three-month lows yesterday, continued weakness of demand and favorable weather for a strong U.S. harvest pace will pressure the CME Group corn, soybean and wheat markets to start Thursday's trade.
The Early Calls for the commodities on Thursday, September 27, 2012, are lower. Corn and soybeans are seen opening 4-6 cents lower and wheat 3-5 cents lower.
In overnight trading, the Dec. corn futures contract traded 4 cents lower at $7.20 per bushel. Nov. soybean futures traded 4 cents lower at $15.68 per bushel, and Dec. wheat traded 3 cents lower at $8.66. For Dec. soybean meal futures, the contract traded $2.00 per short ton lower at $474.90. Dec. soybean oil futures traded $0.15 higher at $52.26.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.