Chicago corn, wheat, soybeans lower amid improving weather

Chicago Board of Trade (CBOT) corn, soybeans and wheat futures all closed lower on Friday as investors opted to pocket in gains, as well as drier and warmer weather forecasts eased concerns that rains damage crops or delay wheat harvesting.

The most active corn contract for December delivery lost 9.75 cents, or 2.21 percent, to close at 4.3125 U.S. dollars per bushel. September wheat delivery dropped 8.25 cents, or 1.47 percent, to close at 5.54 dollars per bushel. November soybeans shed 4.25 cents, or 0.42 percent, to close at 10.0675 dollars per bushel.

Corn Friday gave back some of its gains after it hit the highest level in nearly 13 months this Monday, amid normal Central U.S. weather into early August. Meanwhile, U.S. corn export demand is struggling due to reports that South America and Russia export record tonnages of corn, putting more pressures on corn.

Chicago wheat futures slip for its sixth straight session on Friday, coming under pressure from the lower prices outside the U. S. market and improving weather that accelerated wheat harvest progress.

"The fund buying has slowed and some liquidation is occurring of long positions that were set earlier this week," noted AgResource company, a Chicago- based agricultural research institute.

The company's analysts wrote in a report, "There remains some uncertainty in the Central U.S. forecast heading into the weekend, unless extreme heat or extreme wetness returns, the odds are growing that seasonal highs have been set."

For the week, the most active corn contract for December delivery lost 3.09 percent, September wheat shed 3.82 percent, while November soybeans dropped by 1.52 percent. Endite