Profit-taking to sink farm markets
DES MOINES, Iowa (Agriculture.com)--Profit-taking and concerns about the U.S. sequestration issues are applying pressure to the CME Group corn, soybean and wheat markets Friday.
The early calls for the commodities on Friday, March 1, 2013, are lower. Corn is seen opening 5-7 cents lower. Soybeans are seen 10-12 cents lower and wheat 2-4 cents lower.
In overnight trading, the March corn futures contract traded 3 cents lower at $7.16 per bushel. March soybean futures traded 12 cents lower at $14.62 per bushel, and March wheat traded 2 cents lower at $7.05. For March soybean meal futures, the contract traded $4.00 per short ton lower at $430.80. March soybean oil futures traded $0.24 cents lower at $48.58.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the lower overnight markets.