Higher Farm Markets Seen 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, June 18, 2014, are stronger. Corn is seen opening 1 to 2 cents higher, soybeans 10 to 12 cents higher, and wheat 6 to 8 cents higher.
In overnight trading, the July corn futures contract traded 2 1/2 cents higher at $4.41 per bushel. July soybean futures traded 10 1/2 cents higher at $14.08. The July wheat futures contract traded 6 cents higher at $5.87. For July soybean meal futures, the contract traded $4.80 per short ton higher at $455.50; July soybean oil futures traded $0.30 higher at $39.98.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.