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Soybean, wheat markets set to contract

04/04/2012 @ 7:31am

A short trading week, unwinding of spreads, the upcoming Goldman Roll, and profit-taking all are seen keeping the farm markets in a contraction mode this week.

For Wednesday, the CME Group corn, soybean and wheat markets face a mostly lower opening. 

The Early Calls for the commodities on Wednesday, April 4, 2012, are mostly lower. 

Corn is seen opening 2-4 cents higher, soybeans 2-4 cents lower and wheat 6-8 cents lower.

In overnight trading, the July corn futures contract traded 2 3/4 cents higher at $6.55 per bushel. July soybean futures traded 2 3/4 cents lower at $14.18 1/2 per bushel, and July wheat traded 8 1/4 cents lower at $6.60 3/4. For July soybean meal futures, the contract traded $0.90 per short ton higher at $388.80. July soybean oil futures traded $0.08 higher at $56.37.

The outside markets are unfriendly for Wednesday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.

Discuss the corn, soybean and wheat markets in Marketing Talk.

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