Farm markets to sink Tuesday
With positioning ahead of this week's WASDE Report, combined with unfavorable outside market support, the CME Group corn, soybean and wheat markets look to start sharply lower Tuesday.
The Early Calls for the commodities on Tuesday, March 6, 2012, are lower.
Corn is seen opening 7-9 cents lower, soybeans 3-5 cents lower and wheat 10-12 cents lower.
In overnight trading, the May corn futures contract traded 7 cents lower at $6.53 3/4 per bushel. May soybean futures traded 2 1/4 cents lower at $13.22 3/4 per bushel, and May wheat traded 10 3/4 cents lower at $6.61 3/4. For May soybean meal futures, the contract traded $0.61 per short ton lower at $359.10. May soybean oil futures traded $0.05 lower at $53.68.
The outside markets are not favorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.