Corn, soybeans to climb Wednesday
DES MOINES, Iowa (Agriculture.com)--It appears the CME Group corn and soybean markets are headed for a second straight day of trading higher Wednesday.
The Early Calls for the commodities on Wednesday, November 14, 2012, are higher. Corn is seen opening 5-7 cents higher, soybeans 13-15 cents higher, and wheat 4-6 cents higher.
In overnight trading, the Dec. corn futures contract traded 3 cents higher at $7.27 per bushel. January soybean futures traded 13 cents higher at $14.21 per bushel, and Dec. wheat traded 6 cents higher at $8.57. For Dec. soybean meal futures, the contract traded $3.30 per short ton higher at $436.40. Dec. soybean oil futures traded $0.83 higher at $47.85.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.