A lower start expected for farm markets
DES MOINES, Iowa (Agriculture.com)--A weak overnight market is expected to have a follow-through affect on the CME Group corn, soybean and wheat prices Wednesday.
The early calls for the commodities on Wednesday, February 6, 2013, are lower. Corn is seen opening 5-7 cents lower. Soybeans are seen 10-12 cents lower and wheat 3-5 cents lower.
In overnight trading, the March corn futures contract traded 5 cents lower at $7.24 per bushel. March soybean futures traded 11 cents lower at $14.83 per bushel, and March wheat traded 3 cents lower at $7.53. For March soybean meal futures, the contract traded $2.90 per short ton lower at $435.90. March soybean oil futures traded $0.43 cent lower at $52.55.
The outside markets are not favorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.