Chicago agricultural commodities close mixed

Chicago Board of Trade (CBOT) grains futures close mixed on Friday soybean futures rising to a new four-month high as stronger than expected weekly exports and an easing dollar provided support as trading resumed after a holiday closure.

The most active corn contract for December delivery fell 1.5 cents, or 0.43 percent, to 3.4925 dollars per bushel. March wheat delivery dropped 4.25 cents, or 1.00 percent, to 4.195 dollars per bushel. January soybeans rose 11.75 cents, or 1.14 percent, to 10.46 dollars per bushel.

The U.S. Department of Agriculture reported weekly U.S. export sales of 1.9 million tonnes, above trade expectations ranging from 1.2 million to 1.5 million tonnes.

"Soybean exports were very strong and palm oil was up earlier in Malaysia so some gains were expected in soybeans," a European-based trader said.

Crude oil is weighing on vegetable oils. Soyoil is used to make biodiesel, while fellow biofuel ethanol is mainly derived from corn in the United States.

Corn again showed little impetus from the raised biofuel targets or from bigger than expected weekly corn export sales of 1,688,800 tonnes, above a range of trade expectations for 900,000 to 1.2 million tonnes.

The International Grains Council on Thursday raised its forecasts for world corn and wheat production in 2016/17 to record highs, projecting this would also push grain stocks to their highest-ever levels.

Wheat similarly edged lower despite U.S. export sales of 712,400 tonnes that topped trade estimates ranging from 350,000 to 550,000 tonnes.

Heavy rain forecast in the week ahead in the U.S. Delta region could ease drought conditions affecting soft red winter wheat, Terry Reilly, analyst with Futures International, said.

Technical trading was also expected to fuel hesitant moves. Enditem