Corn, soybean prices seen weaker Friday
After shrugging off a bearish USDA/WASDE Report and finishing higher yesterday, the CME Group corn, soybean, and wheat prices are seen mostly lower Friday.
The early calls for the commodities on Friday, July 12, 2013, are mostly mixed. Corn is seen opening 2 to 4 cents lower, soybeans 1 to 2 cents higher, and wheat 2 to 4 cents higher.
In overnight trading, the Sept. corn futures contract traded 2 cents lower at $5.58 per bushel. Dec. corn futures traded 2 cents lower at $5.25 per bushel. Aug. soybean futures traded 1 cent higher at $14.72, while the Nov. soybean futures traded 3 cents lower at $12.88. The Sept. wheat futures contract traded 2 cents higher at $6.85. For Aug. soybean meal futures, the contract traded $2.50 per short ton higher at $460.50; Aug. soybean oil futures traded $0.31 lower at $46.22.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the mostly lower overnight markets.