Chicago agricultural commodities settle lower on ample supplies, technical selling

Chicago Board of Trade (CBOT) grains futures closed lower Friday, with wheat falling to decade low, pressured by ample supplies and technical selling.

Meanwhile, corn and soybean prices also fell as traders awaited final harvest projections from the Pro Farmer tour, which this week trekked across major Midwest growing regions to size up the region's crops.

The most active corn contract for December delivery was down 7 cents, or 2.11 percent, to 3.25 dollars per bushel. December wheat delivery fell 16.25 cents, or 3.83 percent, to 4.075 dollars per bushel. November soybeans fell 8.25 cents, or 0.85 percent, to 9.6725 dollars per bushel.

Technical selling and grain handlers' efforts to move U.S. winter wheat supplies to buyers ahead of the corn harvest pressured wheat prices, traders said.

Global supplies are abundant as well. The International Grains Council on Thursday raised its forecast for world wheat production in the 2016-17 season to a record high.

After the close, the Pro Farmer advisory service reported results of its four-day tour of the U.S. Midwest.

It predicted that U.S. average corn yields in 2016 will be 170.2 bushels per acre, or enough to produce a record-large 14.728 billion-bushel crop. Soybean production was seen at a record 4.093 billion bushels, based on an average yield of 49.3 bushels per acre, Pro Farmer said. Endit