Slightly higher farm markets Wednesday
The CME Group corn, soybean and wheat markets look to start higher, with one eye on end-of-month profit-taking Wednesday.
The Early Calls for the commodities on Wednesday, February 29, 2012, are slightly higher. Corn is seen opening 1-2 cents higher, soybeans 1-2 cents higher and wheat 3-5 cents higher.
In overnight trading, the May corn futures contract traded 1 cents higher at $6.58 1/2 per bushel. May soybean futures traded 1 1/4 cents lower at $13.13 3/4 per bushel, and May wheat traded 4 1/4 cents higher at $6.72 1/2. For May soybean meal futures, the contract traded $0.10 per short ton lower at $349.20. May soybean oil futures traded $0.02 lower at $54.78.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the slightly higher overnight market