Farm markets to tilt up slightly
The CME Group's corn, soybean, and wheat markets are expected to start mostly higher Wednesday.
The early calls for the commodities on Wednesday, May 22, 2013, are mostly higher. Corn is seen opening 1 to 2 cents higher, soybeans 2 to 4 cents lower, and wheat 3 to 5 cents higher.
In overnight trading, the July corn futures contract traded 1 cent higher at $6.40 per bushel. The December corn futures traded 3 cents higher at $5.23. July soybean futures traded 2 cents lower at $14.76 per bushel, while November soybeans traded 4 cents higher at $12.24. The July wheat traded 4 cents higher at $6.84. For July soybean meal futures, the contract traded $2.60 per short ton lower at $436.10. The July soybean oil futures traded 8 cents higher at $49.56.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the slightly higher overnight markets.