Higher corn, wheat prices seen Wednesday
CHICAGO, Illinois (Agriculture.com)—A mostly higher trading day is expected for the CME Group farm markets Wednesday.
The early calls for the commodities on Wednesday, March 13, 2013, are mixed. Corn is seen opening 1-2 cents higher. Soybeans are seen 3-5 cents lower and wheat 1-2 cents higher.
In overnight trading, the May corn futures contract traded 2 cents higher at $7.16 per bushel. May soybean futures traded 5 cents lower at $14.63 per bushel, and May wheat traded 2 cents lower at $7.06. For May soybean meal futures, the contract traded $0.30 per short ton lower at $435.90. May soybean oil futures traded $0.31 cents lower at $49.67.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.