Corn, soybean prices seen falling
End-of-month selling, threats of the Mississippi River closing to barge traffic, and increased soybean production estimates, all combine to pressure the CME Group corn, soybean and wheat markets Friday.
The Early Calls for the commodities on Friday, November 30, 2012, are lower. Corn is seen opening 2-4 cents lower, soybeans 12-14 cents lower, and wheat 7-9 cents lower.
In overnight trading, the March corn futures contract traded 2 cents lower at $7.56 per bushel. Jan. soybean futures traded 11 cents lower at $14.36 per bushel, and March wheat traded 6 cents lower at $8.79. For Jan. soybean meal futures, the contract traded $3.50 per short ton lower at $432.30. Jan. soybean oil futures traded $0.21 lower at $49.91.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the lower overnight markets.