Corn, Wheat Markets Seen Higher Wednesday
On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start mostly higher.
The early calls for the commodities on Wednesday, August 6, 2014, are mostly stronger. Corn is seen opening 1 to 2 cents lower, soybeans 4 to 6 cents lower, and wheat 5 to 7 cents higher. In overnight trading, the Dec. corn futures contract traded 1/4 cent higher at $3.67 per bushel. Nov. soybean futures traded 4 cents lower at $10.61. The Sep. wheat futures contract traded 5 1/2 cents higher at $5.58. For Dec. soybean meal futures, the contract traded $1.50 per short ton lower at $342.10; Dec. soybean oil futures traded $0.04 lower at $35.83.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.