Farm markets to dip
The CME Group corn, soybean and wheat markets are poised to trade lower Tuesday.
The Early Calls for the commodities on Tuesday, August 28, 2012, are lower. Corn is seen opening 2-4 cents lower, soybeans 4-6 cents lower, and wheat 1-2 cents lower.
In overnight trading, the Dec. corn futures contract traded 1 1/4 cents lower at $7.99 1/2 per bushel. Nov. soybean futures traded 6 1/2 cents lower at $17.12 1/2 per bushel, and Dec. wheat traded 1/2 of a cent lower at $8.80 3/4. For Dec. soybean meal futures, the contract traded $3.20 per short ton lower at $515.50. Dec. soybean oil futures traded $0.29 lower at $56.27.
The outside markets are mostly favorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.