Corn, soybeans to extend gains Wednesday
The CME Group corn, soybean and wheat markets look to extend this week's rallies Wednesday.
The Early Calls for the commodities on Wednesday, June 27, 2012, are mostly higher. Corn is seen opening 10-11 cents higher, soybeans 14-16 cents higher, and wheat 1-2 cents lower.
In overnight trading, the July corn futures contract traded 11 1/2 cents higher at $6.57 per bushel. July soybean futures traded 18 1/2 cents higher at $14.89 per bushel, and July wheat traded 2 1/4 cents lower at $7.26 3/4. For July soybean meal futures, the contract traded $5.80 per short ton higher at $433.00. July soybean oil futures traded $0.42 higher at $51.30.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the mostly higher overnight markets.