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Look for steady farm markets Wednesday
For Wednesday, the CME Group corn, soybean and wheat markets are expected to trade slightly better. Technical signals favor the corn market, fundamental factors look to support soybeans. South American weather concerns continue to fill the minds of marketwatchers. Meanwhile, world crop-weather is favorable for the wheat market.
The early calls for the commodities on Wednesday, January 23, 2013, are higher. Corn is seen opening 1-2 cents higher. Soybeans are seen steady-to-higher and wheat 1-2 cents higher.
In overnight trading, the March corn futures contract traded 1 cent higher at $7.29 per bushel. March soybean futures traded unchanged at $14.51 per bushel, and March wheat traded 1 cent higher at $7.79. For March soybean meal futures, the contract traded $0.50 per short ton higher at $422.20. March soybean oil futures traded $0.01 cent lower at $52.42.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.