Farm markets to dip
What a difference a day makes. Unlike the first grain trading day of 2012 having full support of fundamental and outside market factors, the CME Group corn, soybeans and wheat prices face price-pressure from unfavorable outside factors Wednesday.
The Early Calls for the commodities on Wednesday, January 4, 2012, are weaker. Corn is seen opening 1-2 cents lower, soybeans 2-4 cents lower, and wheat 3-5 cents lower.
In overnight trading, the March corn futures contract traded 1/4 of a cent lower at $6.58 1/4 per bushel. March soybean futures traded 2 3/4 cents lower at $12.24 3/4 per bushel, and March wheat traded 3 1/2 cents lower at $6.53 1/2. For March soybean meal futures, the contract traded $0.20 per short ton lower at $317.20. March soybean meal futures traded $0.22 lower at $52.89.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.