Grains called to open lower
The U.S. Dollar index continues to strengthen and China's raising lending rates, a combination that continues to put the CME Group grains under pressure.
Early calls for the grains are:
Corn: 6-8 lower
Soybeans: 12-15 lower
Wheat: 9-11 lower
In overnight trading, December 2010 corn futures traded 5 1/4 cents lower to $5.52 per bushel, while November soybeans were 14 cents lower at $11.70, according to Barchart.com. December wheat ended the overnight session 8 1/4 cents lower at $6.81 3/4 per bushel.
The trip-up is largely due to the continued surge in the U.S. Dollar index, as well as a move by Chinese officials to raise that nation's bank lending rates, which could lead to a pullback in consumption, according to a Dow Jones Newswires report.