Corn, soybean markets to drop Friday
DES MOINES, Iowa (Agriculture.com)--To end the week, the CME Group corn, soybean and wheat markets are seen lower Friday.
The early calls for the commodities on Friday, March 22, 2013, are lower. Corn is seen opening 3-5 cents lower. Soybeans are seen 5-7 cents lower and wheat 1-2 cents lower.
In overnight trading, the May corn futures contract traded 3 cents lower at $7.29 per bushel. May soybean futures traded 5 cents lower at $14.43 per bushel, and May wheat traded 3 cents lower at $7.25. For May soybean meal futures, the contract traded $1.70 per short ton lower at $421.20. May soybean oil futures traded $0.04 cents lower at $50.38.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the lower overnight markets.