Standby for lower corn, soybean markets
The CME Group corn, soybean and wheat markets have little support to trade higher Thursday.
The Early Calls for the commodities on Thursday, September 20, 2012, are lower. Corn is seen opening 2-4 cents lower, soybeans 10-11 cents lower, and wheat 3-5 cents lower.
In overnight trading, the Dec. corn futures contract traded 5 cents lower at $7.51 per bushel. Nov. soybean futures traded 11 cents lower at $16.58 per bushel, and Dec. wheat traded 3 cents lower at $8.78. For Dec. soybean meal futures, the contract traded $1.70 per short ton lower at $498.60. Dec. soybean oil futures traded $0.56 lower at $55.69.
The outside markets are unfavorable for Thursday's grain trade. The real factors driving the calls will be the lower overnight markets.