Lower start seen for soybean, wheat
Weaker CME Group corn, soybean and wheat day-session trading is expected Wednesday. However, the market is eyeing dry weather concerns.
The Early Calls for the commodities on Wednesday, May 30, 2012, are mostly lower. Corn is seen opening 2-4 cents higher, wheat 7-9 cents lower and soybeans 8-10 cents lower.
In overnight trading, the July corn futures contract traded 1/4 of a cent higher at $5.62 3/4 per bushel. July soybean futures traded 10 3/4 cents lower at $13.76 per bushel, and July wheat traded 7 1/4 cents lower at $6.49 1/2. For July soybean meal futures, the contract traded $3.90 per short ton lower at $408.60. July soybean oil futures traded $0.23 lower at $49.94.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.