Corn, soybean gains to extend Wednesday
A strong week of farm markets is expected to continue, with the CME Group corn, soybean, and wheat prices are seen higher Wednesday.
The early calls for the commodities on Wednesday, July 10, 2013, are higher. Corn is seen opening 5 to 7 cents higher, soybeans 2 to 4 cents higher, and wheat 3 to 5 cents higher.
In overnight trading, the Sept. corn futures contract traded 5 cents higher at $5.57 per bushel. Dec. corn futures traded 5 cents higher at $5.26 per bushel. Aug. soybean futures traded 2 cents higher at $14.70, while the Nov. soybean futures traded 6 cents higher at $12.82. The Sept. wheat futures contract traded 3 cents higher at $6.80. For Aug. soybean meal futures, the contract traded 50 cents per short ton higher at $449.40; Aug. soybean oil futures traded unchanged at $47.02.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.