Lower corn, soybean trade Wednesday
Profit-taking, following a strong rally yesterday, has the direction of the CME Group corn, soybean and wheat markets seen as lower Wednesday.
The Early Calls for the commodities on Wednesday, August 22, 2012, are lower. Corn is seen opening 5-7 cents lower, soybeans 12-14 cents lower, and wheat 6-8 cents lower.
In overnight trading, the Dec. corn futures contract traded 4 1/4 cents lower at $8.34 3/4 per bushel. Dec, soybean futures traded 12 1/4 cents lower at $17.20 1/4 per bushel, and Dec, wheat traded 8 3/4 cents lower at $9.13 1/4. For Dec. soybean meal futures, the contract traded $4.70 per short ton lower at $519.80. Dec, soybean oil futures traded $0.35 lower at $55.87.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.