Grains slump after bearish overnight
The dip in corn prices late in Thursday's session has infected all the grains heading into Friday, with overnight prices lower across the board leading up to Friday's opening.
The result is mostly lower early calls for Friday's trade: Corn is seen opening 1-3 lower, soybeans 8-10 lower and wheat unchanged to 2 cents lower, according to private sources.
Overnight trading saw the grains dipping into the red; as of 6:00 AM CST, the December corn futures contract was 1 3/4 lower at $7.49 1/4, while December wheat was 1/4 cent lower at $8.68 1/4. January soybeans were 9 1/4 lower at $15.50 3/4.
The bearish tone heading into Friday's session comes despite many expectations that demand -- largely on the export market -- will continue to underpin prices at current levels or higher for the foreseeable future. "Talk of demand and a tighter crops have got things pretty well underpinned," says Trean Group options specialist, trader and Agriculture.com Market Analyst Scott Shellady.