Grains called slightly lower Friday
CHICAGO, Illinois (Agriculture.com)--The pre-opening prices for the CME Group grain commodities for Friday, February 4, 2011 are mixed. Corn is seen opening 1-2 cents higher, soybeans 1-2 cents lower and wheat down 2-4 cents.
In overnight electronic trading, the March corn futures contract traded 1 3/4 cents higher at $6.64 1/2. The March soybean futures contract traded 1/2 of a cent lower at $14.35 per bushel. The March wheat futures contract traded 3 1/2 cents lower at $8.55 1/2. For March soymeal futures, the contract traded $1.80 per short ton lower at $384.60, and March soyoil up 0.02 at $58.80.
The outside markets are mildly supportive for Friday's grain trade. The real factors driving the mixed early calls are the mostly lower overnight markets.
The stock markets in China and Japan are closed for the lunar New Year through the end of next week.