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Soybeans seen extending gains

02/20/2013 @ 7:37am

DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group soybean market is expected to extend this week's rally. Meanwhile, corn and wheat prices are seen flat-to-lower.

The early calls for the commodities on Wednesday, February 20, 2013, are mostly lower. Corn is seen opening 1-2 cents lower. Soybeans are seen 17-19 cents higher and wheat 1-2 cents lower.

In overnight trading, the March corn futures contract traded 1 cent lower at $6.94 per bushel. March soybean futures traded 12 cents higher at $14.82 per bushel, and March wheat traded 1 cent lower at $7.31. For March soybean meal futures, the contract traded $5.50 per short ton higher at $430.80. March soybean oil futures traded $0.01 cents lower at $52.52. 

The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.

Discuss the corn, soybean and wheat markets in Marketing Talk.

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