Corn, soybean markets to fall
Due to world economic concerns in Spain, Greece, India and China causing a rush to safer investments, the CME Group corn, soybean and wheat markets are seen trading lower Friday.
The Early Calls for the commodities on Friday, May 11, 2012, are lower. Corn is seen opening 4-6 cents lower, wheat 3-5 cents lower and soybeans 14-15 cents lower.
In overnight trading, the July corn futures contract traded 5 cents lower at $5.82 1/2 per bushel. July soybean futures traded 18 cents lower at $14.37 1/2 per bushel, and July wheat traded 2 3/4 cents lower at $5.98 1/2. For July soybean meal futures, the contract traded $5.20 per short ton lower at $419.40. July soybean oil futures traded $0.93 lower at $52.57.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the outside pressure and lower overnight markets.