Chicago agricultural commodities settle mixed

Chicago Board of Trade (CBOT) grains futures closed mixed on Friday with the soybeans rallying as a result of large old crop sales.

The most active corn contract for July delivery fell 0.5 cents, or 0.14 percent, to settle at 3.6375 dollars per bushel.

July wheat delivery dropped 0.75 cents, or 0.18 percent to 4.21 dollars per bushel. July soybeans was up 4 cents, or 0.42 percent, to 9.6075 dollars per bushel.

Soybeans were back and forth through the session, but a report of U.S. old crop soybean sales obviously boosted the market.

The U.S. Department of Agriculture announced on Friday a sale of 146,000 metric tons old crop soybeans to an unknown destination, an indication that international buyers are still interested in U.S. soybeans if the price is competitive.

The sale does not change the U.S. balance sheet significantly, said AgResource Company, but shows that the U.S. could catch some unexpected, late season export business.

Corn and wheat futures closed on Friday almost unchanged. Corn traders are increasingly focusing on weather forecasts in the U.S. corn belt. Abundant global stockpiles of wheat continue to put pressure on its futures. Endit