Farm markets lean slightly higher
On Wednesday, the CME Group's corn, soybean, and wheat markets lean a bit higher.
The early calls for the commodities on Wednesday, July 17, 2013, are higher. Corn is seen opening 1 to 2 cents higher, soybeans 1 to 2 cents higher, and wheat 3 to 5 cents higher.
In overnight trading, the Sept. corn futures contract traded 1 cent higher at $5.46 per bushel. Dec. corn futures traded 1 cent higher at $5.11 per bushel. Aug. soybean futures traded 1 cent higher at $14.76, while the Nov. soybean futures traded 1 cent higher at $12.87. The Sept. wheat futures contract traded 3 cents higher at $6.72. For Dec. soybean meal futures, the contract traded 10 cents per short ton lower at $388.50; Dec. soybean oil futures traded 11 cents higher at $45.39.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.