Chicago corn, soybeans lower on profit taking; wheat higher

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Friday with wheat ending a three-session losing streak, while soybeans, corn prices stepping back as investors took profits.

The most active wheat contract for May delivery added 0.5 cents, or 0.11 percent, to close at 4.63 U.S. dollars per bushel. Meanwhile, soybean for May delivery dropped 0.25 cents, or 0.03 percent, to close at 8.975 dollars per bushel. May corn delivery lost 1.5 cents, or 0.41 percent, to close at 3.67 U.S. dollars per bushel.

Wheat prices advanced slightly on Friday as investors went bargain hunting after Chicago wheat fell for a third straight session with logging a over-3-percent drop. However, wheat gains were capped by talks that new winter wheat crops across the Black Sea region and western Europe are said to be in one of their best in years.

Soybean and corn futures retreated for the day, pressured by a stronger U.S. dollar and higher crop stock expectations. The U.S. Department of Agriculture (USDA) will release its grain stock report on March 31, which is expected to show record or near record stocks of U.S. corn, soybean and wheat as of March 1.

"If Central U.S. crops are planted on a timely basis (as the extended weather models forecast), CBOT traders will return a bearish stance and push for new lows," said AgResource company, a Chicago-based agricultural research institute.

For the week, the most active corn contract for May delivery rose by 0.55 percent, May wheat lost 2.68 percent, while May soybeans gained 0.2 percent. Endit