Soybean, wheat markets to sink
There's market pressure all over the place and the start of the CME Group soybean, wheat and corn day-trading session will be mostly lower Wednesday.
The Early Calls for the commodities on Wednesday, May 23, 2012, are lower. Corn is seen opening mixed to 1-2 cents higher, wheat 14-16 cents lower and soybeans 12-14 cents lower.
In overnight trading, the July corn futures contract traded 3 cents higher at $6.00 per bushel. July soybean futures traded 15 1/2 cents lower at $13.66 1/2 per bushel, and July wheat traded 14 cents lower at $6.71 1/4. For July soybean meal futures, the contract traded $2.20 per short ton lower at $402.80. July soybean oil futures traded $0.77 lower at $49.69.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.