Markets seen mixed ahead of USDA
The CME Group's corn, soybean and wheat markets are expected to start mostly lower Friday.
The Early Calls for the commodities on Friday, May 10, 2013, are higher. Corn is seen opening 4-5 cents lower, soybeans mixed, and wheat 6-8 cents lower.
In overnight trading, the July corn futures contract traded 3 cents lower at $6.46 per bushel. The Dec. corn futures traded 4 cents lower at $5.37.
July soybean futures traded 6 cents higher at $14.14 per bushel, while Nov. soybeans traded 1 cent lower at $12.18.
The July wheat traded 6 cents lower at $7.17. For July soybean meal futures, the contract traded $2.60 per short ton higher at $415.80. The July soybean oil futures traded $0.01 lower at $49.21.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the lower overnight markets.
On Thursday, the USDA will release its May Wheat Production and Global Supply/Demand Report at 11:00am CT.