Mixed corn, soybean markets
Though overnight grain markets traded lower, the outside markets have turned favorable, helping to improve the chances of higher CME Group corn, soybeans and wheat futures prices Wednesday.
Still, the Early Calls for the commodities on Wednesday, November 2, 2011, are mixed. Corn is seen opening 2-4 cents lower, soybeans 4-6 cents higher, and wheat down 1-2 cents.
In overnight electronic trading, the Dec. corn futures contract traded 2 1/4 cents lower at $6.52 per bushel. The Jan. soybean futures contract traded 8 cents higher at $12.10 1/2 per bushel. The Dec. wheat futures contract traded 1 3/4 cents lower at $6.28 1/4. For Dec. soymeal futures, the contract traded $2.70 per short ton higher at $313.40 and Dec. soyoil $0.20 higher at $51.00.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the mixed overnight markets.