Farm markets to lean lower Wednesday
The CME Group's corn, soybean, and wheat markets are expected to start mostly lower Wednesday.
The early calls for the commodities on Wednesday, June 5, 2013, are mostly lower. Corn is seen opening 2 to 4 cents higher, soybeans 1 to 2 cents higher, and wheat 1 to 2 cents lower.
In overnight trading, the July corn futures contract traded 2 cents higher at $6.62 per bushel. The December corn futures traded 4 cents lower at $5.49. July soybean futures traded 1 cent higher at $15.30 per bushel, while November soybeans traded 7 cents lower at $13.08. The July wheat traded 1 cent lower at $7.08. For July soybean meal futures, the contract traded 80 cents per short ton higher at $453.80. The July soybean oil futures traded unchanged at $48.59.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.