Lower start seen for corn, soybeans Thursday
The CME Group corn, soybean and wheat markets are poised to trade lower Thursday.
The Early Calls for the commodities on Thursday, August 2, 2012, are lower. Corn is seen opening 3-5 cents lower, soybeans 9-11 cents lower, and wheat 9-11 cents lower.
In overnight trading, the Sep. corn futures contract traded 4 cents lower at $7.95 1/2 per bushel. August soybean futures traded 24 1/4 cents lower at $16.58 per bushel, and March wheat traded 10 1/4 cents lower at $8.69 1/4. For Aug. soybean meal futures, the contract traded $11.60 per short ton lower at $525.60. Aug. soybean oil futures traded $0.14 higher at $51.87.
The outside markets are favorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.