Lower farm markets seen Friday
The CME Group's corn, soybean, and wheat markets are expected to start lower Friday.
The early calls for the commodities on Friday, May 24, 2013, are mostly lower. Corn is seen opening 1 to 2 cents lower, soybeans 4 to 6 cents lower, and wheat 3 to 5 cents higher.
In overnight trading, the July corn futures contract traded 2 cents lower at $6.60 per bushel. The December corn futures traded 3 cents lower at $5.32. July soybean futures traded 6 cents lower at $14.93 per bushel, while November soybeans traded 1 cent lower at $12.41. The July wheat traded 3 cents higher at $7.06. For July soybean meal futures, the contract traded $2.00 per short ton lower at $435.00. The July soybean oil futures traded 2 cents lower at $49.64.
The outside markets are slightly favorable for Friday's grain trade. The real factors driving the calls will be the lower overnight markets.