The CME Group corn, soybean, and wheat markets have the overnight support to start the floor trading at 9:30 a.m. (Central) on a higher note Wednesday.
The early calls for the commodities on Wednesday, October 22, 2012, are higher. Corn is seen opening 3 to 5 cents higher, soybeans 9 to 10 cents higher, and wheat 3 to 5 cents higher.
In overnight trading, the December corn futures contract traded 1 cent higher at $7.57 per bushel. November soybean futures traded 9 cents higher at $15.62 per bushel, and December wheat traded 4 cents higher at $8.73 For December soybean meal futures, the contract traded $3.40 per short ton higher at $479.60. December soybean oil futures traded 28 cents higher at $51.60.
The outside markets are unfavorable for Wednesday's grain trade. The real factors driving the calls will be the higher overnight markets.
