Mixed corn, soybean markets seen
With no fresh news since Monday, the CME Group corn, soybean and wheat markets face a mostly lower opening Tuesday.
The Early Calls for the commodities on Tuesday, April 3, 2012, are mostly lower.
Corn is seen opening 1-2 cents higher, soybeans 4-6 cents lower and wheat 4-6 cents lower.
In overnight trading, the July corn futures contract traded 3/4 of a cent higher at $6.51 3/4 per bushel. July soybean futures traded 6 cents lower at $14.21 1/4 per bushel, and July wheat traded 6 1/2 cents lower at $6.63. For July soybean meal futures, the contract traded $1.60 per short ton lower at $391.30. July soybean oil futures traded $0.27 lower at $56.30.
The outside markets are mildly friendly for Tuesday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.
A weaker U.S. dollar is positive for the grain markets. However, favorable crop-weather for U.S. wheat is weighing on the market. Plus, profit-taking in soybeans has some traders thinking the market could be slowed Tuesday.
On Tuesday, the CME Group announced that its first quarter agricultural commodities volume averaged 1.1 million contracts per day, down 3 percent compared with the prior-year period, but up 12 percent compared with fourth-quarter 2011.