Chicago wheat slips for fourth session in row, soybeans higher

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Friday with wheat falling for a fourth straight session amid limited demand growth for wheat, while soybeans keeping rising on unfavorable weather.

The most active corn contract for December delivery was unchanged, to close at 3.75 U.S. dollars per bushel. December wheat delivery lost 6 cents, or 1.23 percent, to close at 4.8375 dollars per bushel. November soybeans added 6.5 cents, or 0.74 percent, to close at 8.855 dollars per bushel.

Chicago wheat Friday extended its decline into a fourth straight day as Egypt's latest tender results indicated that world wheat cash markets continued to drop amid ample global supplies and limited demand growth. Egypt Thursday bought just 55,000 metric tons of wheat from Ukraine for October delivery at 177 U.S. dollars per metric ton, a lower price than offers quoted last night, according to Analysts.

Soybean futures settled higher on Friday, as markets found support from short covering and a warmer and drier weather forecast for next week. The Global Forecast System showed the mean ridge position will progress into the Central Midwest on Sunday, which is going to produce above normal temperatures for the Midwest, Delta and southern Plains into Sept. 7.

Analysts said the heat will cause stress for shallow rooted crops in the eastern and southeastern Midwest where soil moisture is lacking.

For the week, the most active corn contract for December delivery lost 0.6 percent, December wheat shed more than 4 percent, while November soybeans dropped by 0.45 percent.