Lower farm markets seen for Tuesday
DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean and wheat markets appear to be headed towards a lower start Tuesday.
The early calls for the commodities on Wednesday, April 23, 2013, are lower. Corn is seen opening 3-5 cents lower, soybeans 1-2 cents lower, and wheat 6-8 cents lower.
In overnight trading, the July corn futures contract traded 3 cents lower at $6.20 per bushel. July soybean futures traded 1 cent lower at $13.63 per bushel, and July wheat traded 8 cents lower at $6.94. For July soybean meal futures, the contract traded $0.70 per short ton higher at $398.80. July soybean oil futures traded $0.28 cents lower at $48.31.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.