Corn, soybean markets to rise
With higher overnight prices, the CME Group's floor trading of corn, soybean and wheat markets are positioned to be higher Wednesday.
The Early Calls for the commodities on Wednesday, August 29, 2012, are higher. Corn is seen opening 7-9 cents higher, soybeans 9-11 cents higher, and wheat 12-14 cents higher.
In overnight trading, the Dec. corn futures contract traded 8 1/4 cents higher at $8.03 3/4 per bushel. Nov. soybean futures traded 11 1/2 cents higher at $17.33 1/2 per bushel, and Dec. wheat traded 13 1/2 cents higher at $8.89. For Dec. soybean meal futures, the contract traded $4.50 per short ton higher at $526.30. Dec. soybean oil futures traded $0.04 higher at $56.43.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.