Corn Seen Higher, Soybeans Lower Wednesday
On Wednesday, the CME Group's corn, soybean and wheat markets are expected to start mostly lower.
The early calls for the commodities on Wednesday, May 7, 2014, are weaker. Corn is seen opening 2-4 cents higher, soybeans 3-5 cents lower, and wheat 1-2 cents lower.
In overnight trading, the July corn futures contract traded 1 1/4 cents higher at $5.18 per bushel. July soybean futures traded 5 cents lower at $14.54. The July wheat futures contract traded 2 1/2 cents lower at $7.36. For July soybean meal futures, the contract traded $2.40 per short ton lower at $475.10; July soybean oil futures traded $0.10 higher at $41.21.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.