Mostly lower wheat, soybean prices Friday
The CME Group corn, soybean and wheat markets can be expected to trade mixed Friday.
The Early Calls for the commodities on Friday, June 1, 2012, are mostly lower. Corn is seen opening 1-2 cents higher, soybeans 7-8 cents lower, and wheat 3-5 cents lower.
In overnight trading, the July corn futures contract traded 3 3/4 cents higher at $5.59 per bushel. July soybean futures traded 9 cents lower at $13.31 per bushel, and July wheat traded 3 cents lower at $6.40 1/2. For July soybean meal futures, the contract traded $1.80 per short ton lower at $392.70. July soybean oil futures traded $0.59 lower at $48.61.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the mostly lower overnight markets and a weaker macroeconomic world that is promoting risk-averse attitudes amongst outside investors.
USDA's Weekly Export Sales Report is friendly for corn and wheat, weak for soybeans Friday. For corn, sales were totaled at 815,100 mt vs. the trade's expectations of 500,00-900,000 mt. USDA estimates soybean sales at 308,400 mt vs. the trade's expectations of between 500,000-900,000 mt. Wheat sales totaled 643,800 mt compared to the expectations of between 250,000-500,000mt.