Lower farm markets Thursday
All around pressure from outside markets will start the CME Group corn, soybean and wheat prices lower Thursday.
The Early Calls for the commodities on Thursday, November 17, 2011, are lower. Corn is seen opening 1-2 cents lower, soybeans 2-4 cents lower, and wheat 3-5 cents lower.
With tremendous concern overt the European debt crisis, the outside markets remain under heavy pressure.
In overnight electronic trading, the Dec. corn futures contract traded 4 3/4 cents lower at $6.38 per bushel. The Jan. soybean futures contract traded 3 1/4 cents lower at $11.84 1/4 per bushel. The Dec. wheat futures contract traded 3 1/2 cents lower at $6.13 1/4. For Jan. soymeal futures, the contract traded $0.40 per short ton lower at $297.90 and Dec. soyoil $0.23 lower at $52.25.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight grain prices and the outside markets.