Weaker Corn, Soybean Markets Seen Friday
On Friday, the CME Group's corn, soybean, and wheat markets are expected to start mostly weaker.
The early calls for the commodities on Friday, May 16, 2014, are mostly lower. Corn is seen opening 1 to 2 cents lower, soybeans 3 to 5 cents lower, and wheat 1 to 2 cents higher.
In overnight trading, the July corn futures contract traded 2 cents lower at $4.82 per bushel. July soybean futures traded 3 1/4 cents lower at $14.67. The July wheat futures contract traded 1 1/2 cents higher at $6.79. For July soybean meal futures, the contract traded $1.50 per short ton lower at $479.90; July soybean oil futures traded $0.09 lower at $40.95.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the lower overnight markets.