Grains to trade mixed Tuesday
The CME Group's corn, soybean, and wheat contracts are seen mixed-to-mostly lower Tuesday.
The early calls for the commodities on Tuesday, May 21, 2013, are mixed. Old-crop corn is seen opening 10 to 11 cents lower, old-crop soybeans 2 to 4 cents higher, and wheat 5 to 7 cents lower.
In overnight trading, the July corn futures contract traded 13 cents lower at $6.36 per bushel. The December corn futures traded 7 cents lower at $5.13. July soybean futures traded 1 cent higher at $14.65 per bushel, while November soybeans traded 7 cents lower at $12.18. The July wheat traded 10 cents lower at $6.75. For July soybean meal futures, the contract traded 50 cents per short ton higher at $435.80. The July soybean oil futures traded 10 cents lower at $49.10.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the mixed overnight markets.