Bears to control corn, soybean markets
On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start weaker.
The early calls for the commodities on Wednesday, February 5, 2014, are lower. Corn is seen opening 2 to 4 cents lower, soybeans 4 to 6 cents lower, and wheat 4 to 6 cents lower.
In overnight trading, the March corn futures contract traded 2 cents lower at $4.39 per bushel. March soybean futures traded 4 3/4 cents lower at $13.08. The March wheat futures contract traded 4 1/4 cents lower at $5.80. For March soybean meal futures, the contract traded $5.50 per short ton lower at $441.50; March soybean oil futures traded $0.03 higher at $37.74.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.