Corn, soybean prices to drop Friday
A weaker trade is expected for the CME Group corn, soybean and wheat markets Friday.
The Early Calls for the commodities on Friday, February 24, 2012, are lower. Corn is seen opening 2-3 cents lower, soybeans 2-4 cents lower and wheat 3-5 cents lower.
In overnight trading, the May corn futures contract traded 4 cents lower at $6.38 1/2 per bushel. May soybean futures traded 1 1/4 cents lower at $12.82 1/4 per bushel, and May wheat traded 3 1/2 cents lower at $6.37 1/2. For May soybean meal futures, the contract traded $0.50 per short ton higher at $335.80. May soybean oil futures traded $0.13 lower at $54.46.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the lower overnight markets.