Corn, soybean prices to trade higher
With China showing interest in Europe's debt, the CME Group corn, soybean and wheat markets have that outside support to trade higher Wednesday.
The Early Calls for the commodities on Wednesday, February 15, 2012, are higher. Corn is seen opening 2-4 cents higher, soybeans 7-9 cents higher and wheat 3-5 cents higher.
In overnight trading, the March corn futures contract traded 2 1/4 cents higher at $6.35 3/4 per bushel. March soybean futures traded 8 1/2 cents higher at $12.63 1/2 per bushel, and March wheat traded 3 cents higher at $6.38 1/2. For March soybean meal futures, the contract traded $2.40 per short ton higher at $332.50. March soybean oil futures traded $0.28 higher at $53.30.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.