Mixed farm markets seen Wednesday
On Wednesday, the CME Group's corn, soybean, and wheat markets are expected to start mixed.
The early calls for the commodities on Wednesday, July 24, 2013, are mostly lower. Corn is seen opening 1 to 2 cents lower, soybeans 13 to 15 cents lower, and wheat 3 to 5 cents higher.
In overnight trading, the Sept. corn futures contract traded 1 cent lower at $5.21 per bushel. Dec. corn futures traded 1 cent higher at $4.86 per bushel. Aug. soybean futures traded 15 cents lower at $14.47, while the Nov. soybean futures traded 6 cents higher at $12.65. The Sept. wheat futures contract traded 3 cents higher at $6.57. For Dec. soybean meal futures, the contract traded $2.50 per short ton higher at $383.30; Dec. soybean oil futures traded 13 cents lower at $44.55.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.