Chicago agricultural commodities lower on stronger U.S. dollar

Corn, wheat and soybeans closed lower on Friday as the U.S. dollar rallied against the euro and other currencies after the U.S. jobs report showed strength.

The most active corn contract for July delivery fell 3 cents, or 0.83 percent, to close at 3.605 U.S. dollars per bushel. Wheat for July delivery lost 6.75 cents, or 1.29 percent, to close at 5. 17 dollars per bushel. July soybeans decreased 8.75 cents, or 0.92 percent, to close at 9.3775 dollars per bushel.

The three key commodities, however, all saw weekly gains. For the week, corn, wheat and soybean added 2.56 percent, 8.39 percent and 0.40 percent respectively.

Analysts said the U.S. dollar rallied sharply against the euro and a host of other currencies Friday, pushing most commodity markets lower as they turned out to be more expensive.

Additionally, they noted, the sizable corn and soybean export from South American countries, such as Argentina and Brazil, also pressed Chicago corn and soybean lower.

Despite this, wet weather in key wheat growing areas in south plain and the midwest continued to give some support to wheat. The midday central U.S. weather forecast offers a nice mixture of rain and warm temperatures into June 20, sparking concerns about potential damage to wheat. Enditem