Weaker corn, soybean prices Wednesday
The CME Group corn, soybean and wheat markets are poised to trade lower Wednesday.
The Early Calls for the commodities on Wednesday, May 2, 2012, are lower. Corn is seen opening 2-4 cents lower, soybeans 6-8 cents lower, and wheat 4-6 cents lower.
In overnight trading, the July corn futures contract traded 1 1/2 cents lower at $6.27 1/2 per bushel. July soybean futures traded 6 1/2 cents lower at $14.97 per bushel, and July wheat traded 4 1/4 cents lower at $6.38 3/4. For July soybean meal futures, the contract traded $2.50 per short ton lower at $431.70. July soybean oil futures traded $0.34 higher at $55.25.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.