Soybean Market Seen Leading Wednesday's Trade
On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start higher.
The early calls for the commodities on Wednesday, May 21, 2014, are higher. Corn is seen opening 1 to 2 cents higher, soybeans 7 to 9 cents higher, and wheat 1 to 2 cents higher.
In overnight trading, the July corn futures contract traded 1/2 cent higher at $4.74 per bushel. July soybean futures traded 7 1/2 cents higher at $14.77. The July wheat futures contract traded 3/4 cent higher at $6.71. For July soybean meal futures, the contract traded $4.20 per short ton higher at $490.90; July soybean oil futures traded $0.07 lower at $40.00.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.