Soybeans to continue losses Tuesday
The CME Group corn, soybean and wheat markets have continued pressure from a progressive corn harvest. As a result, the open outcry trading is seen sharply lower Tuesday.
The Early Calls for the commodities on Tuesday, September 18, 2012, are lower. Corn is seen opening 3-5 cents lower, soybeans 25-27 cents lower, and wheat 1-2 cents lower.
In overnight trading, the Dec. corn futures contract traded 3 cents lower at $7.45 per bushel. November soybean futures trade 27 cents lower at $16.41 per bushel, and Dec. wheat traded 3/4 of a cent lower at $8.77. For Dec. soybean meal futures, the contract traded $11.00 per short ton lower at $494.40. Dec. soybean oil futures traded $0.35 lower at $55.04.
The outside markets are unfavorable for Tuesday's grain trade. The real factors driving the calls will be the lower overnight markets.