Higher follow-through for grain prices
There is expected follow-through trading Wednesday from yesterday's higher CME Group corn, soybean and wheat markets.
The Early Calls for the commodities on Wednesday, February 1, 2012, are higher. Corn is seen opening 7-9 cents higher, soybeans 6-8 cents higher, and wheat 9-10 cents higher.
In overnight trading, the March corn futures contract traded 8 cents higher at $6.47 per bushel. March soybean futures traded 6 3/4 cents higher at $12.05 3/4 per bushel, and March wheat traded 9 3/4 cents higher at $6.75 3/4. For March soybean meal futures, the contract traded $0.30 per short ton lower at $319.00. March soybean oil futures traded $0.23 higher at $51.10.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.