Farm markets to fall
With the USDA November Production and Supply/Demand Reports looming Friday, choppy CME Group corn, soybean and wheat trading is expected Wednesday.
The Early Calls for the commodities on Wednesday, November 7, 2012, are mostly lower. Corn is seen opening at 9:30am CT1-2 cents lower, soybeans 8-10 cents lower, and wheat 2-4 cents higher.
In overnight trading, the Dec. corn futures contract traded 1/2 of a cent lower at $7.40 per bushel. Nov. soybean futures traded 8 cents lower at $15.07 per bushel, and Dec. wheat traded 2 cents higher at $8.79. For Dec. soybean meal futures, the contract traded $3.70 per short ton lower at $469.00. Dec. soybean oil futures traded $0.05 lower at $48.63.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.