Chicago Agricultural Commodities Close Down

Chicago agricultural commodities dropped across the board Friday on huge yield reports and favorable weather in Central U.S.

The most active corn contract for December delivery fell 6.75 cents, or 2 percent, to close at 3.315 U.S. dollars per bushel. December wheat dropped 14 cents, or 2.87 percent, to close at 4. 745 dollars per bushel. November soybean shed 14.5 cents, or 1.49 percent, to close at 9.57 dollars per bushel.
Corn, soybeans and wheat continue to post new lows Friday amid increasing market talk that the 2014 U.S. corn yield could surpass 180 bushels per acre, and soybeans above 49 bushels per acre. The early yield data from the U.S. Midwest also remained good. Informa estimated 2014 U.S. wheat output at 2.046 billion bushels.

Amid the outlook of a global supply glut, market analysts expected additional fund selling into the end of this month. Producers in the east and south Midwest are active in their harvest operation to take advantage of the warm and dry weather. (Cihan/Xinhua)