Wednesday farm markets seen lower
A lower overnight trade is expected to flow into Wednesday's daytime session for CME Group's corn, soybeans, and wheat.
The early calls for the commodities on Wednesday, May 1, 2013, are lower. Corn is seen opening 5 to 7 cents lower, soybeans 10 to 12 cents lower, and wheat 7 to 9 cents lower.
In overnight trading, the July corn futures contract traded 4 cents lower at $6.45 per bushel. July soybean futures traded 12 cents lower at $13.86 per bushel, and July wheat traded 9 cents lower at $7.21. For July soybean meal futures, the contract traded $3.30 per short ton lower at $411.20. January soybean oil futures traded 45 cents lower at $48.77.
The outside markets are mostly favorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.