Grain markets seen dropping Friday
On Friday, the CME Group's corn, soybean, and wheat markets are expected to start lower.
The early calls for the commodities on Friday, November 1, 2013, are weaker. Corn is seen opening 1 to 2 cents lower, soybeans 5 to 7 cents lower, and wheat 1 to 2 cents lower.
In overnight trading, the Dec. corn futures traded 1 1/2 cents lower at $4.26 per bushel. The Nov. soybean futures traded 5 cents lower at $12.75. The Dec. wheat futures contract traded 2 3/4 cents lower at $6.64. For Dec. soybean meal futures, the contract traded $2.90 per short ton lower at $400.70; Dec. soybean oil futures traded $0.34 higher at $41.67.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the lower overnight markets.