Lower corn, soybean markets seen Tuesday
On Tuesday, the CME Group's corn, soybean and wheat markets are expected to start lower.
The early calls for the commodities on Tuesday, August 27, 2013, are lower. Corn is seen opening 1-2 cents lower, soybeans 4-5 cents lower, and wheat 1-2 cents lower.
In overnight trading, the Sept. corn futures contract traded unchanged at $5.15 per bushel. Dec. corn futures traded 2 cents lower at $4.98 per bushel. Sep. soybean futures traded 4 cents lower at $14.23, while the Nov. soybean futures traded 5 cents lower at $13.85. The Dec. wheat futures contract traded 1 cent lower at $6.66. For Dec. soybean meal futures, the contract traded $1.80 per short ton lower at $434.90; Dec. soybean oil futures traded $0.06 lower at $44.82.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.