Grains to trend higher Wednesday
On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start higher.
The early calls for the commodities on Wednesday, August 28, 2013, are higher. Corn is seen opening 2 to 4 cents higher, soybeans 5 to 7 cents higher, and wheat 1 to 2 cents higher.
In overnight trading, the Sept. corn futures contract traded 2 cents higher at $5.01 per bushel. Dec. corn futures traded 2 cents higher at $4.88 per bushel. Sep. soybean futures traded 5 cents higher at $14.19, while the Nov. soybean futures traded 2 cents higher at $13.72. The Dec. wheat futures contract traded 1 cent higher at $6.64. For Dec. soybean meal futures, the contract traded $0.50 per short ton higher at $430.90; Dec. soybean oil futures traded $0.12 higher at $44.64.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.