Chicago agricultural commodities settle lower

CHICAGO, Feb. 9 (Xinhua) -- Chicago Board of Trade (CBOT) grains closed lower on Friday, with corn and wheat futures both dropping more than 1 percent, as traders took profits and focused on prospects for better weather in the drought-hit U.S. Plains wheat belt.

Soybeans sagged on much-needed rains in Argentina's crop belt and worries about U.S. soybean export demand.

The most active corn contract for March delivery fell 3.75 cents, or 1.03 percent to close at 3.62 dollars per bushel. March wheat delivery dropped 7.25 cents, or 1.59 percent to close at 4.49 dollars per bushel. March soybeans went down 4.75 cents, or 0.48 percent to close at 9.83 dollars per bushel.

CME traders report that funds have sold 1,500 contracts of wheat, 3,400 contracts of corn, while being flat in soybeans. Soy product fund action includes sales of 1,200 contracts of soyoil and 900 contracts of soymeal.

As for international market, Egypt's General Authority For Supply Commodities is tendering for world wheat for delivery between March 12-22 and based on pricing, and analysts expected that Russian or Eastern European wheat will dominate the purchase. Enditem