Soybeans to continue gains Wednesday
Outside of a red-hot soybean market, the CME Group corn and wheat markets could be facing lower trade patterns Wednesday.
The Early Calls for the commodities on Wednesday, June 20, 2012, are mostly lower. Corn is seen opening 1-2 cents lower, soybeans 10-12 cents higher, and wheat 2-4 cents lower.
In overnight trading, the July corn futures contract traded 1/4 of a cent lower at $6.12 per bushel. July soybean futures traded 12 1/4 cents higher at $14.46 per bushel, and July wheat traded 2 3/4 cents lower at $6.46 3/4. For July soybean meal futures, the contract traded $1.10 per short ton higher at $429.00. July soybean oil futures traded $0.52 higher at $50.96.
The outside markets are favorable for Wednesday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.