Corn, soybean prices to inch higher
With an attempt to recover from a sell-off in the last trading session, the CME Group corn, soybean and wheat markets look to start the day's trade higher Wednesday.
The Early Calls for the commodities on Wednesday, March 28, 2012, are higher.
Corn is seen opening 1-2 cents higher, soybeans 6-8 cents higher and wheat 2-4 cents higher.
In overnight trading, the July corn futures contract traded 3/4 of a cent higher at $6.31 1/4 per bushel. July soybean futures traded 7 1/4 cents higher at $13.83 1/2 per bushel, and July wheat traded 2 3/4 cents higher at $6.55 1/2. For July soybean meal futures, the contract traded $0.90 per short ton higher at $377.70. July soybean oil futures traded $0.12 higher at $55.64.
The outside markets are mildly favorable for Wednesday's grain trade. The real factors driving the calls will be the higher soybean overnight markets.