Up day seen for grain markets
After trading lower yesterday, the CME Group's corn, soybean and wheat markets are expected to start higher Wednesday.
The early calls for the commodities on Wednesday, August 21, 2013, are higher. Corn is seen opening 4-6 cents higher, soybeans 10-12 cents higher, and wheat 5-7 cents higher.
In overnight trading, the Sept. corn futures contract traded 5 cents higher at $4.88 per bushel. Dec. corn futures traded 4 cents higher at $4.79 per bushel. Sept. soybean futures traded 14 cents higher at $13.23, while the Nov. soybean futures traded 16 cents higher at $13.07. The Dec. wheat futures contract traded 6 cents higher at $6.52 For Dec. soybean meal futures, the contract traded $6.00 per short ton higher at $408.00; Dec. soybean oil futures traded $0.38 higher at $43.56.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.