Grain prices to stumble Tuesday
The CME Group corn, soybean and wheat markets have less traction to start Tuesday's trade, as a result of lower overnight prices. The Early Calls for the commodities on Tuesday, February 7, 2012, are lower. Corn is seen opening 2-4 cents lower, soybeans 4-6 cents lower, and wheat 9-11 cents lower.
In overnight trading, the March corn futures contract traded 4 cents lower at $6.40 1/4 per bushel. March soybean futures traded 3 3/4 cents lower at $12.29 1/4 per bushel, and March wheat traded 9 3/4 cents lower at $6.58 3/4. For March soybean meal futures, the contract traded $1.70 per short ton lower at $325.80. March soybean oil futures traded $0.21 lower at $51.95.
The outside markets are not favorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.