Corn, soybean prices seen higher Wednesday
The CME Group corn, soybean and wheat markets are expected to find higher ground Wednesday, after liquidation occurred early in the week.
The early calls for the commodities on Wednesday, October 17, 2012, are higher. Corn is seen opening 6 to 8 cents higher, soybeans 3 to 5 cents higher, and wheat 6 to 8 cents higher.
In overnight trading, the December corn futures contract traded 4 1/4 cents higher at $7.42 per bushel. November soybean futures traded 3 1/2 cents higher at $14.97 per bushel, and December wheat traded 5 cents higher at $8.53. For December soybean meal futures, the contract traded $0.20 per short ton lower at $452.60. December soybean oil futures traded 36 cents lower at $50.83.
The outside markets are mostly favorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.