Chicago agricultural commodities mixed

Chicago agricultural commodities closed mixed Friday, with wheat rising and corn and soybean dropping. The most active corn contract for December delivery dropped 3. 25 cents, or 0.7 percent, to close at 4.6375 dollars per bushel. September wheat gained 2.5 cents, or 0.38 percent, to close at 6. 605 dollars per bushel. November soybeans fell 11 cents, or 0.92 percent, to close at 11.815 dollars per bushel. December corn closed lower Friday on increased supply of old crop corn as farmers cash in on the premium of old crop over new one. News that Southeast Asian countries were actively buying corn from the Black Sea and South America at discount prices also dampened corn. Weather is negative to corn with rainfalls forecast for the central and eastern Corn Belt at the weekend. September wheat traded higher Friday on tight supply in the U.S. . Chicago wheat FOB offers rose sharply due to increased demand from the world buyers, China in particular, supportive of wheat. November soybean dropped Friday on increased supply from Argentina. Weather forecast suggested good growing conditions into August, also dampening soybean. Market analysts attributed current fall in soybean prices to temporary position adjustment pending the release of the U.S. Department of Agriculture (USDA) report on Aug. 12, as funds still hold a net long position on the soybean market.