Chicago agricultural commodities close mixed

 Chicago agricultural commodities closed mixed Friday, with corn and soybeans dropping sharply and wheat rising.
The most active corn contract for December delivery tumbled 10. 75 cents, or 3.12 percent, to 3.34 U.S. dollars per bushel. December wheat rose 5.25 cents, or 1.06 percent, to 4.985 dollars per bushel. November soybean shed 19.5 cents, or 2.07 percent, to 9.225 dollars per bushel.
Both grains production and end stock reports released by the U. S. Department of Agriculture (USDA) Friday came almost in line with market expectations. Corn and soybeans are embracing record harvest, and wheat gained some strength on a modest fall in both U. S. and world wheat end stocks.
USDA cut 2014 U.S. summer seeding estimates by 700,000 acres for corn and 600,000 acres for soybeans. But the cuts were less than expected, and therefore did not exert much influence.
USDA report estimated 2014 U.S. corn production at a record large 14,475 million bushels with yield pegged at 174.2 bushels per acre. It forecast 2014-2015 U.S. corn end stocks at 2,081 million bushels, an increase of 79 million bushels from September.
The reports estimated that 2014-2015 world corn end stock will rise to 190.6 million tonnes, and 2014-2015 world corn production will reach a record large 990.7 million tonnes.
The reports lowered U.S. wheat stocks by 44 million bushels to 654 million bushels and raised U.S. wheat exports by 25 million bushels to 925 million bushels. As for soybeans, the reports raised 2014 U.S. soybean yield to 47.1 bushels per acre, up 0.5 bushels per acre from September; put U.S. soybean production at 3, 927 million bushels, up 14 million bushels from September; lowered 2014-2015 U.S. soybean end stocks by 25 million bushels to 475 million bushels; estimated U.S. soybean end stocks at 450-525 million bushels.
The reports pegged 2014-2015 world soybean end stocks at record large 90.67 million tonnes, up 24 million tonnes from last year. Based on the reports, market analysts doubt that either corn or soybeans have forged their seasonal lows.