Grains lean higher Wednesday
The CME Group corn, soybean and wheat markets are poised to trade higher Wednesday.
The Early Calls for the commodities on Wednesday, February 8, 2012, are higher. Corn is seen opening 2-4 cents higher, soybeans 4-6 cents higher, and wheat 3-5 cents higher.
In overnight trading, the March corn futures contract traded 4 1/4 cents higher at $6.46 1/2 per bushel. March soybean futures traded 6 1/2 cents higher at $12.38 1/2 per bushel, and March wheat traded 3 cents higher at $6.65 14. For March soybean meal futures, the contract traded $1.60 per short ton higher at $327.00. March soybean oil futures traded $0.35 higher at $52.52.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.