Chicago agricultural commodities closed mixed Friday, with wheat rising, soybean and corn dropping.
The most active corn contract for March delivery dropped 2.75 cents, or 0.7 percent, to close at 3.8875 dollars per bushel. March wheat gained 17.75 cents, or 2.8 percent, to close at 5.785 dollars per bushel. January soybean dropped 31 cents, or 2.96 percent, to close at 10.16 dollars per bushel.
Wheat futures rose to a 21-week high as freezing temperatures from the U.S. to Russia spurred concerns about crop damage. As much as 10 percent of the soft red winter wheat crop in the U.S. Midwest may not emerge from the ground because of cold weather this month, according to a report. Temperature in Russia is also unfavorable for wheat growth, which pushed high the price for wheat futures.
The U.S. Department of Agriculture (USDA) has forecast that in 2014 soybean in the U.S., the top producer, will jump 18 percent to a record 3.958 billion bushels. This, together with favorable South American weather, leads to the drop in soybean futures.
According to USDA data, for the week ending Nov. 20, the U.S. sold 15.9 million bushels of wheat, 37.2 million bushels of corn, and 54.6 million bushels of soybeans. Soybean sales were larger than trade expectations with China being the primary destination.