A lower corn, soybean start Friday
A lower overnight trade is signaling the same kind of prices for the CME Group corn, soybean and wheat day session Friday. After strong rallies yesterday, profit-taking could be the theme for the end of the week.
The Early Calls for the commodities on Friday, March 16, 2012, are lower.
Corn is seen opening 3-4 cents lower, soybeans 2-4 cents lower and wheat 3-5 cents lower.
In overnight trading, the July corn futures contract traded 2 1/4 cents lower at $6.64 3/4 per bushel. July soybean futures traded 2 1/4 cents lower at $13.73 1/4 per bushel, and July wheat traded 3 cents lower at $6.69 1/2. For July soybean meal futures, the contract traded $0.90 per short ton lower at $371.80. July soybean oil futures traded $0.23 lower at $55.62.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the lower overnight markets.