Lower start seen for corn, soybeans Monday
The CME Group corn, soybean and wheat markets are set to follow the overnight trade lower Monday.
The Early Calls for the commodities on Monday, September 24, 2012, are lower. Corn is seen opening 2-4 cents lower, soybeans 10-12 cents lower, and wheat 3-5 cents lower.
In overnight trading, the Dec. corn futures contract traded 1 cent lower at $7.47 per bushel. Nov. soybean futures traded 14 cents lower at $16.07 per bushel, and Dec. wheat traded 2 1/2 cents lower at $8.94. For Dec. soybean meal futures, the contract traded $1.40 per short ton lower at $484.60. Dec. soybean oil futures traded $0.94 lower at $53.89.
The outside markets are mostly unfavorable for Monday's grain trade. The real factors driving the calls will be the lower overnight markets.