Grain and soybean markets seen higher
For Wednesday, the bulls are still chewing on last week's USDA data that is expected to support higher CME Group corn , soybean and wheat markets.
The early calls for the commodities on Wednesday, January 16, 2013, are higher. Corn is seen opening 2-4 cents higher. Soybeans are seen 4-6 cents higher and wheat 5-7 cents higher.
In overnight trading, the March corn futures contract traded 2 cents higher at $7.33 per bushel. March soybean futures traded 8 cents higher at $14.21 per bushel, and March wheat traded 5 cents higher at $7.88. For March soybean meal futures, the contract traded $2.60 per short ton higher at $414.50. March soybean oil futures traded $0.02 cents higher at $50.89.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.