Chicago agricultural commodities close lower

Chicago agricultural commodities futures traded lower Friday, with prices of all three major commodities of corn, wheat, and soybeans dropping. The most active corn contract for July delivery fell 0.75 cent, or 0.15 percent, to close at 4.835 U.S. dollars per bushel. The most active soybean contract for July delivery fell 5.25 cents, or 0.36 percent, to close at 14.65 dollars per bushel. The most active wheat contract for July delivery fell 4 cents, or 0.59 percent, to close at 6.7425 dollars per bushel. Corn dropped as an improved weather forecast put price pressure on building U.S. supplies and stocks. Analysts estimate that by Sunday, the U.S. will have seeded 70 percent to 73 percent of its corn crop. Northeast China's corn crop is expected to germinate and have early growth as rain and variable temperatures offer farmers favorable conditions. Wheat went down as Ukraine booked 60,000 metric tons of wheat for June from a local seller at 289 dollars per metric ton, but France and the U.S. also offered wheat at slightly higher prices. In addition, an improved weather forecast put price pressure on U. S. wheat. Soybeans fell as drier weather across the U.S. presented favorable conditions for planting. Analysts estimate that by Sunday, the U.S. will have seeded 29 percent to 32 percent of the soybean crop. Northeast China's soybean crop is expected to germinate and have early growth as rain and variable temperatures present favorable conditions.