Corn, Soybeans to Move Higher Wednesday
On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start higher.
The early calls for the commodities on Wednesday, July 16, 2014, are stronger. Corn is seen opening 2 to 4 cents higher, soybeans 7 to 9 cents higher, and wheat 2 to 4 cents higher.
In overnight trading, the Dec. corn futures contract traded 4 cents higher at $3.85 per bushel. Nov. soybean futures traded 9 cents higher at $10.95. The Sep. wheat futures contract traded 2 3/4 cents higher at $5.40. For Dec. soybean meal futures, the contract traded $4.20 per short ton higher at $351.40; Dec. soybean oil futures traded $0.07 higher at $37.18.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.