Soybean Prices to Tick Higher Wednesday
On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start mostly weaker.
The early calls for the commodities on Wednesday, July 23, 2014, are mostly lower. Corn is seen opening 1 to 2 cents lower, soybeans 3 to 5 cents higher and wheat 1 to 2 cents lower. In overnight trading, the Dec. corn futures contract traded 1/4 cent lower at $3.68 per bushel. Nov. soybean futures traded 3 cents higher at $10.60. The Sep. wheat futures contract traded 1/2 cent lower at $5.24. For Dec. soybean meal futures, the contract traded $2.30 per short ton higher at $344.00; Dec. soybean oil futures traded $0.08 lower at $35.95.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.