Soybeans seen extending gains Wednesday
On Wednesday, the CME Group's soybean market is expected to start higher.
The early calls for the commodities on Wednesday, March 19, 2014, are mostly lower. Corn is seen opening 1 to 2 cents lower, soybeans 13 to 15 cents higher, and wheat 3 to 5 cents lower.
In overnight trading, the May corn futures contract traded 1/4 cent lower at $4.85 per bushel. May soybean futures traded 15 1/4 cents higher at $14.34. The May wheat futures contract traded 3 cents lower at $6.89. For May soybean meal futures, the contract traded $4.60 per short ton higher at $460.40; May soybean oil futures traded $0.32 higher at $42.59.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the mixed overnight markets.