Chicago corn, soybeans, wheat lower on stronger dollar

Chicago Board of Trade corn, soybeans and wheat futures closed lower on Friday as a soaring greenback weighs on dollar-denominated agricultural commodities.

The most active corn contract for May delivery lost 8 cents, or 2.06 percent, to close at 3.805 U.S. dollars per bushel. Wheat for May delivery dropped 5.25 cents, or 1.03 percent, to close at 5.02 dollars per bushel. May soybeans fell 16.5 cents, or 1.12 percent, to close at 9.74 dollars per bushel.

Corn, soybeans and wheat all drifted lower with the summer row crops posting heavy losses. Analysts said much of the selling is triggered by the dollar's rally. Brazilian farmers have been active sellers of newly harvested soybeans as the greenback hit new multi-year highs against the Brazilian real.

Wheat saw some sell-off around mid morning session after prices for both old and new wheat of the European Union and Russia posted losses.

Some traders said heavy sell-off in corn was caused by rumors that at least 2 cargoes of Brazilian corn were sold into the Southeast U.S., right before the onset of the U.S. harvest. "The Black Sea is remaining as an aggressive seller of corn for April- May-June and July, while Brazil is offering corn well below the U. S. from August into November," said AgResource company, a Chicago- based agricultural research institute.

For the week, the most active corn contract for May delivery shed 1.42 percent, May soybeans fell by 1.12 percent, whereas wheat for May delivery added more than 4 percent. Endite