Chicago wheat continues to rally; soybeans, corn close lower

Chicago Board of Trade (CBOT) agricultural commodities futures closed mixed Friday with wheat rising on technical buying, while soybeans, corn retreated after improving weather eased concerns that rains damage crops.

The most active corn contract for December delivery lost 2.5 cents, or 0.65 percent, to close at 3.8125 U.S. dollars per bushel. September wheat delivery added 2.75 cents, or 0.55 percent, to close at 4.9925 dollars per bushel. November soybeans shed 9.75 cents, or 1.03 percent, to close at 9.4025 dollars per bushel.

Soybean futures on Friday gave back half of their gains after they rallied for three days in a row, as the U.S. Department of Agriculture announced the cancellation of 200,000 million metric tons of U.S. soybeans to China, and the improving weather in U.S. also pressured on soybeans.

Analyst said there is no reason for China to pay up to secure U. S. soybeans during August, when there are cheaper South America offers.

Corn fluctuated between gains and losses during the session, and ultimately closed lower as uncertainty about weather added some pressure.

Chicago wheat edged higher on some end-of-month short-covering and a weak dollar Friday, but the grain faced pressure from hefty world harvest expectations.

For the week, the most active corn contract for December delivery lost 5.34 percent, September wheat shed 2.44 percent, while November soybeans dropped by 2.56 percent. Endite