The Early Calls for the commodities on Wednesday, May 16, 2012, are lower. Corn is seen opening 4-6 cents lower, wheat 1-2 cents lower and soybeans 17-18 cents lower.
In overnight trading, the July corn futures contract traded 4 1/4 cents lower at $5.93 per bushel. July soybean futures traded 17 3/4 cents lower at $13.95 3/4 per bushel, and July wheat traded 1 1/4 cents lower at $6.07 1/4. For July soybean meal futures, the contract traded $4.90 per short ton lower at $412.30. July soybean oil futures traded $0.87 lower at $50.60.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the lower overnight markets.
