Friday's farm markets to drop
As the overnight corn, soybeans, and wheat markets went from high-to-low, driving Friday's Early Calls down, perhaps all of the 'goody' of the Eurozone debt deal has been taken out of the grain markets.
The Early Calls for the commodities on Friday, October 28, 2011, are lower. Corn is seen opening 4-6 cents lower, soybeans 6-8 cents lower, and wheat down 3-5 cents.
In overnight electronic trading, the Dec. corn futures contract traded 4 cents lower at $6.47 1/2 per bushel. The Jan. soybean futures contract traded 7 cents lower at $12.37 per bushel. The Dec. wheat futures contract traded 4 1/2 cents lower at $6.39 1/2. For Dec. soymeal futures, the contract traded $2.80 per short ton higher at $320.70 and Dec. soyoil $0.24 lower at $51.87.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the lower overnight markets.