Farm markets to sink Wednesday
DES MOINES, Iowa (Agriculture.com)--A hangover from this week's bearish USDA Report has the CME Group corn, soybean, and wheat markets lower Wednesday.
The early calls for the commodities on Tuesday, December 12, 2012, are lower. Corn is seen opening 1 to 2 cents lower, soybeans 7 to 9 cents lower, and wheat 1 to 2 cents lower. In overnight trading, the March corn futures contract traded 1 cent lower at $7.26 per bushel. January soybean futures traded 9 cents lower at $14.63 per bushel, and March wheat traded 1 cent lower at $8.20. For January soybean meal futures, the contract traded $2.90 per short ton lower at $445.20. January soybean oil futures traded 12 cents lower at $50.08.
The outside markets are favorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.