USDA numbers to set tone
After surging higher Tuesday, the anticipation builds for this morning's USDA data to be released at 7:30am CST.
The Early Calls for the commodities on Wednesday, October 12, 2011, will be subject to this morning's USDA Crop Production and Supply/Demand Reports.
In overnight electronic trading, the Dec. corn futures contract traded 5 cents higher at $6.50 per bushel. The Nov. soybean futures contract traded 2 1/2 cents lower at $12.33 per bushel. The Dec. wheat futures contract traded 3 cents lower at $6.57 3/4. For Dec. soymeal futures, the contract traded $0.40 per short ton lower at $320.20 and Dec. soyoil $0.13 higher at $52.31.
The outside markets are all supportive for Wednesday's grain trade. The real factors driving the calls will be the USDA Report.