Improved weather to sink corn market
With ideas of better planting weather this week, the CME Group's corn, soybean and wheat markets are expected to start lower Monday.
The Early Calls for the commodities on Monday, May 6, 2013, are lower. Corn is seen opening 14-16 cents lower, soybeans 5-7 cents lower, and wheat 8-10 cents lower.
In overnight trading, the July corn futures contract traded 15 cents lower at $6.50 per bushel. The Dec. corn futures traded 16 cents lower at $5.37.
July soybean futures traded 1 cent lower at $13.86 per bushel, while Nov. soybeans traded 5 cents lower at $12.16.
The July wheat traded 10 cents lower at $7.10. For July soybean meal futures, the contract traded $0.30 per short ton lower at $406.20. The July soybean oil futures traded $0.21 higher at $49.48.
The outside markets are unfavorable for Monday's grain trade. The real factors driving the calls will be the lower overnight markets.