Turkey-like carving for grain prices
A rising dollar, continued concern engulfing the EU and U.S. debt outlooks, all will pressure the CME Group corn, soybean and wheat markets Wednesday.
The Early Calls for the commodities on Wednesday, November 23, 2011, are sharply lower. Corn is seen opening 8-10 cents lower, soybeans 14-16 cents lower, and wheat 8-10 cents lower.
In overnight electronic trading, the Dec. corn futures contract traded 10 1/2 cents lower at $5.88 1/2 per bushel. The Jan. soybean futures contract traded 16 3/4 cents lower at $11.36 1/4 per bushel. The Dec. wheat futures contract traded 10 3/4 cents lower at $5.83 1/4. For Jan. soymeal futures, the contract traded $4.50 per short ton lower at $288.50 and Dec. soyoil $1.05 lower at $49.73.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the sharply lower overnights and the weaker outside markets.