Agricultural commodities futures closed mixed on the Chicago Board of Trade (CBOT) on Friday, with corn and wheat falling, and soybeans rising.
The most active corn contract for December delivery fell 3.75 cents, or 1.01 percent, to close at 3.675 U.S. dollars per bushel. The most active soybean contract for January delivery rose 8.75 cents, or 0.85 percent, to close at 10.3675 dollars per bushel. The most active wheat contract for December delivery dropped 5.75 cents, or 1.11 percent, to close at 5.145 dollars per bushel.
Trading volume was low on Friday as traders were waiting for a crop estimate report from the U.S. Department of Agriculture due out on Monday. Analysts believe that corn and wheat have likely scored seasonal peaks as U.S. export demand suffers.
The United Nations Food and Agriculture Organization (FAO) this week raised its forecast for global wheat production due to a larger-than-expected crop in Ukraine. That would put the global wheat crop at 722.6 million metric tons and above last year's record harvest.
Brazil's Agricultural Agency reported soybeans planting has reached 67 percent complete, up 26 percent from the previous week and down 5 percent from the prior five-year average. The report shows a total of 47 percent of the crop has been planted in the past two weeks.
Long term climate models continue to suggest normal rainfall and lack of lasting heat in Brazil and Argentina into December, and planting issues there have been resolved.
The U.S. forecast is colder in the extended period, well below normal temperatures across the Central into late November, and this cold pattern will trigger additional light snowfall across the United States on Nov. 17 to 18. Analysts say the harvest will roll on in the coming days.