Mostly weaker grain markets Monday
With no confirmation of the rumor China bought U.S. corn, combined with mostly lower overnight markets, the CME Group corn and wheat markets are set to start on the weaker side Monday.
The Early Calls for the commodities on Monday, March 12, 2012, are mostly lower.
Corn is seen opening 1-2 cents higher, soybeans 1-2 cents lower and wheat 2-4 cents lower.
In overnight trading, the May corn futures contract traded 1-2 cents higher at $6.46 3/4 per bushel. May soybean futures traded 1/4 of a cent lower at $13.37 1/2 per bushel, and May wheat traded 2 1/4 cents lower at $6.40 3/4. For May soybean meal futures, the contract traded $0.60 per short ton higher at $363.30. May soybean oil futures traded $0.26 lower at $54.01.
The outside markets are unfavorable for Monday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.