Weakness ahead of USDA data Friday
The CME Group commodities look to start a bit weaker Friday, awaiting the ballyhooed USDA Crop Production and Supply/Demand Reports to be released at 11:00 am CT.
The early calls for the commodities on Friday, January 11, 2012, are mostly lower. Corn is seen opening 2 to 4 cents lower. Soybeans are seen 10 to 12 cents lower, and wheat 1 to 2 cents lower. In overnight trading, the March corn futures contract traded 2 cents lower at $6.96 per bushel. January soybean futures traded 13 cents lower at $14.04 per bushel, and March wheat traded 1 cent higher at $7.45. For January soybean meal futures, the contract traded $3.20 per short ton lower at $405.50. January soybean oil futures traded 17 cents lower at $49.58.
The outside markets are unfavorable for Friday's grain trade. The real factors driving the calls will be the lower overnight markets.