Farm markets to dip
For Wednesday, the CME Group corn, soybean and wheat prices are expected to follow the lower overnight trading.
The Early Calls for the commodities on Wednesday, December 14, 2011, are lower. Corn and wheat are seen opening 2-4 cents lower and soybeans 5-7 cents lower.
In overnight electronic trading, the March corn futures contract traded 2 1/2 cents lower at $5.92 per bushel. The Jan. soybean futures contract traded 5 1/2 cents lower at $11.13 per bushel. The March wheat futures contract traded 2 1/2 cents lower at $5.98. For Jan. soymeal futures, the contract traded $1.40 per short ton lower at $282.00 and Jan. soyoil $0.04 lower at $49.21.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.