Chicago agricultural commodities closed mixed Friday, with corn and wheat falling drastically and soybeans slightly rising.
The most active corn contract for December delivery fell 7.75 cents, or 2.09 percent, to close at 3.635 dollars per bushel. September wheat lost 12.25 cents, or 2.18 percent, to close at 5. 4925 dollars per bushel. November soybean climbed 6.75 cents, or 0. 63 percent, to close at 10.8475 dollars per bushel.
Wheat dropped sharply Friday on technical resistance. European Union (EU) wheat futures also dropped. Quality has been variable. Australia is expecting an early harvest and the production estimates are slowly rising, with harvest expected to begin in mid- October.
Soybeans rose slightly on support of a strong old crop basis. However, the fact that China's soybean import increased 17 percent to 7.5 million tonnes in July does not change anything. Market analysts predict that soybean stocks will increase as U.S. domestic use is little changed. They have pegged soybeans stocks at the highest level since last September and hold bearish outlook for soybean market in a long run.
Grain market now lacks news for price direction until the release of the report by U.S. Department of Agriculture (USDA) scheduled for next week. Nevertheless, the market is expecting bearish grain estimates.
Weather forecast for Central U.S and EU will remain favorable in the next 7 days. Afterwards, additional light showers and normal temperatures will be expected in the 8-15 day period.