Mostly lower start for corn, wheat
With mildly supportive outside markets, but a mostly lower overnight trade, the CME Group corn, soybeans and wheat markets are expected to start mixed Wednesday.
The Early Calls for the commodities on Wednesday, March 13, 2012, are mostly lower.
Corn is seen opening 5-7 cents lower, soybeans 1-2 cents higher and wheat 6-7 cents lower.
In overnight trading, the May corn futures contract traded 5 1/4 cents lower at $6.56 3/4 per bushel. May soybean futures traded 1 1/2 cents higher at $13.50 1/4 per bushel, and May wheat traded 6 1/4 cents lower at $6.42 3/4. For May soybean meal futures, the contract traded $0.30 per short ton lower at $365.80. May soybean oil futures traded $0.13 lower at $54.75.
The outside markets are slightly favorable for Wednesday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.