Tough start seen for corn, soybeans
The CME Group corn, soybean and wheat markets face a lower start to the week's trade Monday.
The Early Calls for the commodities on Monday, May 7, 2012, are lower. Corn is seen opening 4-5 cents lower, soybeans 8-10 cents lower, and wheat 3-5 cents lower.
In overnight trading, the July corn futures contract traded 4 1/4 cents lower at $6.16 per bushel. July soybean futures traded 10 cents lower at $14.68 1/4 per bushel, and July wheat traded 2 3/4 cents lower at $6.06 3/4. For July soybean meal futures, the contract traded $4.10 per short ton lower at $428.50. July soybean oil futures traded unchanged at $53.65.
The outside markets are unfavorable for Monday's grain trade. The real factors driving the calls will be the lower overnight markets and the pressure from the outside markets.