Rain falls; corn and soybeans to follow
With rain falling in the Midwest overnight, the CME Group's corn, soybean, and wheat markets are expected to start lower Tuesday.
The early calls for the commodities on Tuesday, July 23, 2013, are lower. Corn is seen opening 6 to 8 cents lower, soybeans 1 to 2 cents lower, and wheat 5 to 7 cents lower.
In overnight trading, the Sept. corn futures contract traded 6 cents lower at $5.34 per bushel. Dec. corn futures traded 7 cents lower at $4.91 per bushel. Aug. soybean futures traded 1 cent lower at $15.19, while the Nov. soybean futures traded 1 cent lower at $12.87. The Sept. wheat futures contract traded 5 cents lower at $6.54. For Dec. soybean meal futures, the contract traded 50 cents per short ton higher at $390.40; Dec. soybean oil futures traded 14 cents lower at $45.17.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.