Grain markets seen lower Wednesday
On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start mostly weaker.
The early calls for the commodities on Wednesday, January 15, 2014, are mostly lower. Corn is seen opening 1 to 2 cents lower, soybeans 1 to 2 cents higher, and wheat 2 to 4 cents lower.
In overnight trading, the March corn futures contract traded 2 1/2 cents lower at $4.28 per bushel. The March soybean futures traded 1/4 cent higher at $13.07. The March wheat futures contract traded 2 1/2 cents lower at $5.77. For March soybean meal futures, the contract traded $0.40 per short ton higher at $430.50; March soybean oil futures traded $0.08 higher at $37.84.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the mostly weaker overnight markets.