Lower start for corn, soybeans
Despite favorable outside market support, the CME Group corn, soybean and wheat prices will start Friday the 13th trading session lower.
The Early Calls for the commodities on Friday, January 13, 2012, are lower. Corn is seen opening 1-2 cents lower, soybeans 4-6 cents lower, and wheat 5-7 cents lower.
In overnight trading, the March corn futures contract traded 3/4 of a cent higher at $6.12 1/4 per bushel. March soybean futures traded 3 3/4 cents higher at $11.86 1/4 per bushel, and March wheat traded 4 1/2cents higher at $6.09 1/2. For March soybean meal futures, the contract traded $0.80 per short ton higher at $307.90. March soybean oil futures traded $0.15 lower at $51.31.
The outside markets are favorable for Friday's grain trade. The real factors driving the calls will be the higher overnight markets.