Lower farm markets expected for midweek
On Wednesday, the CME Group's corn, soybean and wheat markets are expected to start sharply higher.
The early calls for the commodities on Wednesday, January 29, 2014, are lower. Corn is seen opening 1-2 cents lower, soybeans 2-4 cents lower, and wheat 2-4 cents lower.
In overnight trading, The March corn futures contract traded 1 3/4 cents lower at $4.30. The March soybean futures contract traded 2 1/4 cents lower at $12.83. March wheat futures traded 2 1/2 cents lower at $5.63 per bushel. The March soymeal futures contract traded $0.50 per short ton lower at $428.10. The March soyoil futures traded $0.08 lower at $37.32.
In the outside markets, the Brent crude oil is $0.30 per barrel higher, the dollar is higher and the Dow Jones Industrials are seen mixed. The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the weaker overnight markets.