Greece to sink corn, soybean markets
After a day of price recovery Tuesday, the Greece political and financial turmoil is foiling any upward movement for the CME Group corn, soybean and wheat markets Wednesday.
The CME Group corn, soybean and wheat markets are seen trading lower Wednesday.
The Early Calls for the commodities on Wednesday, May 16, 2012, are lower. Corn is seen opening 4-6 cents lower, wheat 1-2 cents lower and soybeans 17-18 cents lower.
In overnight trading, the July corn futures contract traded 4 1/4 cents lower at $5.93 per bushel. July soybean futures traded 17 3/4 cents lower at $13.95 3/4 per bushel, and July wheat traded 1 1/4 cents lower at $6.07 1/4. For July soybean meal futures, the contract traded $4.90 per short ton lower at $412.30. July soybean oil futures traded $0.87 lower at $50.60.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.