Grain markets to fall
With unfriendly outside markets and no fresh news to trade, the CME Group corn, soybean and wheat markets may have a slow start out of the trading blocks Wednesday.
The Early Calls for the commodities on Wednesday, November 17, 2011, are lower. Corn is seen opening 1-3 cents lower, soybeans 2-4 cents lower, and wheat 1-2 cents lower.
In overnight electronic trading, the Dec. corn futures contract traded 4 cents lower at $6.41 1/2 per bushel. The Jan. soybean futures contract traded 5 1/2 cents lower at $11.94 3/4 per bushel. The Dec. wheat futures contract traded 3 1/2 cents lower at $6.29 1/4. For Dec. soymeal futures, the contract traded $1.20 per short ton lower at $300.20 and Dec. soyoil $0.27 lower at $52.33.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.