Choppy grain trading expected Wednesday
The CME Group commodities have the look, from overnight activity, to start slightly higher Wednesday.
The early calls for the commodities on Wednesday, January 9, 2012, are mostly higher. Corn is seen opening 1-2 cents higher. Soybeans are seen 5-7 cents lower and wheat 1-2 cents higher.
In overnight trading, the March corn futures contract traded 1 cent higher at $6.89 per bushel. January soybean futures traded 4 cents lower at $14.09 per bushel, and March wheat traded 1 cent higher at $7.52. For January soybean meal futures, the contract traded $2.00 per short ton lower at $408.60. March soybean oil futures traded $0.24 cents higher at $49.77.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the mixed overnight markets.