Wednesday, 9 May 2012

Macro factors pressure corn, soybean prices

Mike McGinnis 05/09/2012 @ 8:33am
Due to world economic concerns in Spain and Greece causing a rush to safer investments, the CME Group corn, soybean and wheat markets are seen trading lower Wednesday.  
The Early Calls for the commodities on Wednesday, May 9, 2012, are lower. Corn and wheat are seen opening 4-6 cents lower, soybeans 8-10 cents lower.
In overnight trading, the July corn futures contract traded 3 cents  lower at $6.20 per bushel. July soybean futures traded 10 1/4 cents lower at $14.28 per bushel, and July wheat traded 4 cents lower at $6.11. For July soybean meal futures, the contract traded $3.50 per short ton lower at $413.80. July soybean oil futures traded $0.04 lower at $53.23.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the outside pressure and lower overnight markets.

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