Grain markets to dip Monday
On Monday, the CME Group's corn, soybean, and wheat markets are expected to start lower.
The early calls for the commodities on Monday, July 15, 2013, are lower. Corn is seen opening 8 to 10 cents lower, soybeans 1 to 2 cents lower, and wheat 8 to 10 cents lower.
In overnight trading, the Sept. corn futures contract traded 8 cents lower at $5.37 per bushel. Dec. corn futures traded 8 cents lower at $5.01 per bushel. Aug. soybean futures traded 1 cent higher at $14.28, while the Nov. soybean futures traded 5 cents lower at $12.52. The Sept. wheat futures contract traded 10 cents lower at $6.70. For Aug. soybean meal futures, the contract traded $1.60 per short ton higher at $445.50; Aug. soybean oil futures traded 23 cents lower at $45.99.
The outside markets are unfavorable for Monday's grain trade. The real factors driving the calls will be the lower overnight markets.