Soybeans Seen Higher, Corn Lower Wednesday
On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start mostly lower.
The early calls for the commodities on Wednesday, April 2, 2014, are weaker. Corn is seen opening 2 to 4 cents lower, soybeans 5 to 7 cents higher, and wheat 5 to 7 cents lower.
In overnight trading, the May corn futures contract traded 2 1/4 cents lower at $5.05 per bushel. May soybean futures traded 5 1/2 cents higher at $14.90. The May wheat futures contract traded 9 3/4 cents lower at $6.75. For May soybean meal futures, the contract traded $0.30 per short ton lower at $482.40; May soybean oil futures traded $0.65 higher at $42.05.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.