Soybeans seen extending gains
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.