Lower Corn, Soybean Prices Seen For Friday
On Friday, the CME Group's corn, soybean and wheat markets are expected to start lower.
The early calls for the commodities on Friday, May 30, 2014, are weaker. Corn is seen opening 1-2 cents lower, soybeans 1-2 cents lower, and wheat 1-2 cents lower.
In overnight trading, the July corn futures contract traded unchanged at $4.69 per bushel. July soybean futures traded 1 3/4 cents lower at $14.97. The July wheat futures contract traded 1 3/4 cents lower at $6.30. For July soybean meal futures, the contract traded $1.10 per short ton higher at $499.50; July soybean oil futures traded $0.23 lower at $39.18.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the lower overnight markets.