Soybeans to continue losses Wednesday
With U.S. bearish crop estimates being released, the CME Group corn, soybean and wheat markets have a lower trading session ahead Wednesday.
The Early Calls for the commodities on Wednesday, October 3, 2012, are lower. Corn is seen opening 3-5 cents lower, soybeans 9-11 cents lower, and wheat 7-9 cents lower.
In overnight trading, the Dec. corn futures contract traded 6 cents lower at $7.52 per bushel. Nov. soybean futures traded 9 cents lower at $15.21 per bushel, and Dec. wheat traded 6 cents lower at $8.65. For Dec. soybean meal futures, the contract traded $3.70 per short ton lower at $459.20. Dec. soybean oil futures traded $0.03 lower at $50.11.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.
On Tuesday, INTL FC Stone updated its U.S. crop estimates:
Corn=10.82 billion bushels, with a yield of 123.9 bu./acre.
Soybeans=2.849 billion bushels, with an average yield of 38.2 bu./acre.
In September, the USDA put the U.S. corn crop at 10.727 billion bushels, using a 122.8 bushel an acre yield, and soybean output at 2.634 billion, using a 35.3 bushel an acre yield.