Corn, soybean prices seen setting back
On Friday, the CME Group's corn, soybean, and wheat markets are expected to start mostly lower.
The early calls for the commodities on Friday, February 7, 2014, are mostly weaker. Corn is seen opening 1 to 2 cents lower, soybeans 1 to 2 cents lower, and wheat 1 to 2 cents higher.
In overnight trading, the March corn futures contract traded 3/4 of a cent lower at $4.42 per bushel. March soybean futures traded 1/4 cent lower at $13.25. The March wheat futures contract traded 2 1/2 cents higher at $5.83. For March soybean meal futures, the contract traded $1.30 per short ton higher at $447.30.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.