Corn, soybeans to drop Wednesday
The CME Group's corn, soybean, and wheat markets are expected to start lower Wednesday.
The early calls for the commodities on Wednesday, May 15, 2013, are lower. Corn is seen opening 1 to 2 cents lower, soybeans 2 to 4 cents lower, and wheat 5 to 7 cents lower.
In overnight trading, the July corn futures contract traded 2 cents lower at $6.51 per bushel. The December corn futures traded 2 cents lower at $5.36. July soybean futures traded 5 cents lower at $14.09 per bushel, while November soybeans traded 1 cent lower at $12.13. The July wheat traded 5 cents lower at $7.06. For July soybean meal futures, the contract traded $2.10 per short ton lower at $409.70. The July soybean oil futures traded 17 cents lower at $49.59.
The outside markets are mostly unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.