As rain falls in parts of drought-stricken Argentina, the CME Group corn, soybean and wheat markets may give back some gains Thursday from yesterday.
The Early Calls for the commodities on Thursday, January 31, 2013, are lower. Corn is seen opening 1-2 cents lower, soybeans 7-9 cents lower, and wheat 1-2 cents lower.
In overnight trading, the March corn traded 1 cent lower at $7.39. March soybean futures traded 9 cents lower at $14.69 per bushel. March wheat futures traded 2 cents lower at $7.84.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.