Chicago agricultural commodities close lower

Chicago Board of Trade (CBOT) agricultural commodities closed lower on Friday with corn, wheat and soybeans fell across the board.

The most active corn contract for March delivery fell 1.5 cents, or 0.4 percent, to close at 3.70 U.S. dollars per bushel. March soybeans dropped 7.25 cents, or 0.75 percent, to close at 9.61 dollars per bushel. Wheat for March delivery lost 5 cents, or 0.98 percent, to close at 5.0275 dollars per bushel.

Three major CBOT agricultural commodities slipped as currency and month-end liquidation dominated the trade on Friday. Analysts say funds have been active sellers as the value of the Russian ruble dropped to a new low against the U.S. dollar and the Brazilian real also fell sharply. The slump in these two key agricultural currencies pressured the CBOT, adding more concerns that U.S. grains and soybean exports might become less competitive.

Some traders expect the bull market in the U.S. dollar to last at least a few years as the U.S. economy is the only growth engine outside of China.

CBOT corn and wheat also came under pressure from a rumor that a cargo of French feed wheat is heading to Mexico. The potential of European feed wheat being sold into Mexico, the biggest importer of U.S. corn this crop year, has unnerved some of the U.S. corn export bulls, according to AgResource, a Chicago-based commodity research company.

March soybean extended its losing streak to a fourth session Friday as most Brazilian traders are expecting 2015 Brazilian soybean crop at 95 million tons and the weather forecast is little changed, favorable for crop yields. The Brazilian agricultural administration is expected to release its February estimate around Feb. 10. Endite