Higher grain markets Wednesday
With more hot,dry weather conditions returning to Argentina's already crop-stressed corn, the CME Group corn, soybean and wheat markets could be headed upward Wednesday.
The Early Calls for the commodities on Wednesday, January 25, 2012, are slightly higher. Corn is seen opening 2-4 cents higher, soybeans 1-3 cents higher, and wheat 3-6 cents higher.
In overnight trading, the March corn futures contract traded 4 3/4 cents higher at $6.35 per bushel. March soybean futures traded 1 1/4 cents higher at $12.21 1/4 per bushel, and March wheat traded 5 cents higher at $6.38 1/2. For March soybean meal futures, the contract traded $1.30 per short ton higher at $324.80. March soybean oil futures traded $0.05 higher at $51.30.
The outside markets are not favorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets and the reported dry weather returning to Argentina's driest crop regions.