Mixed farm markets Wednesday
With little support from neither the outside nor overnight markets, the CME Group corn, soybean and wheat markets may have to fight off a lower trading session Wednesday.
The Early Calls for the commodities on Wednesday, December 7, 2011, are mixed. Corn is seen opening steady, soybeans 2-4 cents higher, and wheat 2-4 cents lower.
However, the outside markets are expected to trade slightly higher on European debt crisis optimism.
In overnight electronic trading, the March corn futures contract traded even at $5.961/2 per bushel. The Jan. soybean futures contract traded 4 1/4 cents higher at $11.33 3/4 per bushel. The March wheat futures contract traded 3 3/4 cents lower at $6.09 1/4. For Jan. soymeal futures, the contract traded $1.30 per short ton higher at $285.40 and Jan. soyoil $0.10 higher at $50.33.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the mixed overnight markets.