Corn, soybeans to start higher Wednesday
Reversing from yesterday's trade pattern, the CME Group corn, soybean and wheat markets are expected to start higher Wednesday.
The Early Calls for the commodities on Wednesday, August 15, 2012, are higher. Corn is seen opening 5-7 cents better, soybeans 10-15 cents higher, and wheat 8-10 cents higher.
In overnight trading, the Dec. corn futures contract traded 4 1/4 cents higher at $7.93 1/2 per bushel. Nov. soybean futures traded 16 cents higher at $16.14 per bushel, and Dec. wheat traded 8 1/2 cents higher at $8.66. For Dec. soybean oil futures traded $0.18 higher at $53.61. The Dec. soymeal futures traded $5.70 per short ton at $485.10.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.