Soybean, wheat markets set to contract
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.