Chicago agricultural commodities drop

Chicago agricultural commodities ended the last trading day in November by dropping across the board, due to profit taking. The most active corn contract for March delivery slipped 6 cents, or 0.79 percent, to close at 7.5275 dollars per bushel. March wheat lost 22 cents, or 2.48 percent, to settle at 8.635 dollars per bushel. January soybeans dropped 9.25 cents, or 0.64 percent, to close at 14.3875 dollars per bushel. Profit taking on corn market continued into the second day amid month-end positioning. Tight supply concern worldwide has been offset by sluggish export demand. Nevertheless, corn still found some support in wet weather in South America, which some analysts believe could lead to shift of certain corn acreage to soybeans. Wheat recorded the largest two-digit loss among the three major crops, which as some market analysts believe is a correction of the previous overvaluing of prices. But, poor weather conditions are a long-term support to wheat. Favorable weather forecast in South America dampened soybean market, while weak corn and wheat markets added to the negative effect. However, strong soybean demand is offering support, as the water level on the Mississippi River is expected to fall further due to rare rainfall in the following weeks.