Soybean, corn prices seen lower
With a sharply lower overnight soybean trade, and record-fast corn planting, famers can expect the CME Group corn, soybean and wheat markets to start lower Wednesday.
The Early Calls for the commodities on Wednesday, April 18, 2012, are lower.
Corn is seen opening 1-2 cents lower, soybeans 9-11 cents lower and wheat mixed.
In overnight trading, the July corn futures contract traded 1 1/4 cents lower at $6.06 per bushel. July soybean futures traded 12 1/4 cents lower at $14.19 1/4 per bushel, and July wheat traded unchanged at $6.20 1/4. For July soybean meal futures, the contract traded $3.80 per short ton lower at $393.50. July soybean oil futures traded $0.31 lower at $55.85.
The outside markets are unfriendly for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.