Stronger farm markets expected Wednesday
For Wednesday, the CME Group corn, soybean, and wheat markets are seen to trade stronger.
The early calls for the commodities on Wednesday, July 3, 2013, are higher. Corn is seen opening 5 to 7 cents higher, soybeans 12 to 14 cents higher, and wheat 10 to 12 cents higher.
In overnight trading, the Sep. corn futures contract traded 5 cents higher at $5.38 per bushel. Dec. corn futures traded 5 cents higher at $5.07 per bushel. Aug. soybean futures traded 12 cents higher at $14.46. The Nov. soybean futures traded 12 cents higher at $12.55. The Sep. wheat futures contract traded 12 cents higher at $6.61. For August soybean meal futures, the contract traded $2.40 per short ton higher at $435.30. Aug. soybean oil futures traded 27 cents higher at $47.10.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.