Farm Markets Seen Mostly Lower Friday
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, August 1, 2014, are weaker. Corn is seen opening 1-2 cents lower, soybeans 9-10 cents lower and wheat 3-5 cents higher. In overnight trading, the Dec. corn futures contract traded 1 1/2 cents lower at $3.65 per bushel. Nov. soybean futures traded 9 1/4 cents lower at $10.72. The Sep. wheat futures contract traded 3 1/4 cents higher at $5.53. For Dec. soybean meal futures, the contract traded $3.30 per short ton lower at $345.50; Dec. soybean oil futures traded $0.13 lower at $36.27.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.