Corn, soybean markets to drop Wednesday
DES MOINES, Iowa (Agriculture.com)--A lower level of CME Group corn, soybean and wheat trading is expected Wednesday.
The early calls for the commodities on Wednesday, February 13, 2013, are lower. Corn is seen opening 5-7 cents lower. Soybeans are seen 7-9 cents lower and wheat 7-9 cents lower.
In overnight trading, the March corn futures contract traded 6 cents lower at $6.90 per bushel. March soybean futures traded 9 cents lower at $14.11 per bushel, and March wheat traded 7 cents lower at $7.24. For March soybean meal futures, the contract traded $2.40 per short ton lower at $407.90. March soybean oil futures traded $0.34 cent lower at $50.76.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.