Chicago agricultural commodity futures were traded lower Friday, mostly pressured by slow export demand and reports of higher than expected yields.
The most active corn contract for December delivery fell 8.5 cents, or 1.85 percent, to close at 4.51 dollars per bushel. December wheat lost 10.75 cents, or 1.64 percent, to settle at 6. 4625 dollars per bushel. November soybeans fell 24.25 cents, or 1. 81 percent, to close at 13.1525 dollars per bushel.
According to Chicago Mercantile Exchange, December corn closed lower on the session and down 8 cents for the week. The market traded sharply lower on the day into the mid-session and even pushed down to the lowest level since Aug. 14. Traders see slow export demand and continued reports of higher than expected yields as negative forces.
December wheat closed lower on the session but this left the market up 4.75 cents for the week. The market traded sharply lower on the day into the mid-session and have given back all of Thursday's gains and more. Weakness in the other grains and a lack of support from outside markets helped pressure the market.
November soybeans closed lower for the session and down a whopping 66.25 cents for the week.
News about demand comes slowly and traders see increased harvest pressure next week with dry U.S. Midwest weather after some additional rains over the weekend. Increased sown area of soybeans for the 2014-15 season when compared with this year also added to the negative tone for the crop.