Chicago agricultural commodities futures market closes lower across board

Chicago Board of Trade (CBOT) corn, wheat and soybeans all settled lower Friday amid macro economic worries and sliding world equity markets.

The most active corn contract for December delivery lost 5.25 cents, or 1.37 percent, to close at 3.7725 U.S. dollars per bushel. December wheat delivery dropped 7.25 cents, or 1.42 percent, to close at 5.04 dollars per bushel. November soybeans fell 17.75 cents, or 1.96 percent, to close at 8.895 dollars per bushel.

For the week, corn gained 0.47 percent, while wheat, soybeans declined 1.51 percent and 2.95 percent, respectively.

Analysts said that agricultural commodities declined Friday as macro economic worries and sliding world equity markets added fuel to the selloff.

CBOT floor brokers estimated that funds have sold 6,000 contracts of corn, 4,000 contracts of wheat and 5,500 contracts of soybeans before midday, according to Agresource, a Chicago-based Institute.

The final results of the influential Pro Farmer crop tour were released Friday, which suggested this year's U.S. corn production at 13.323 billion bushels based on average yield of 164.3 bushels per acre; and soybean production at 3.887 billion bushels with an average yield of 46.5 bushels per acre, both lower than the U.S. Department of Agriculture's estimate. Endit