Chicago wheat, soybeans rise while corn falls

Chicago agricultural commodity futures were traded mixed Friday, with wheat and soybeans prices up while corn price down amid weather concerns. The most active corn contract for December delivery fell 2.75 cents, or 0.57 percent, to close at 4.76 dollars per bushel. September wheat rose 1 cents, or 0.15 percent, to settle at 6.5025 dollars per bushel. November soybeans rose 4.5 cent, or 0.37 percent, to close at 12.285 dollars per bushel. According to Chicago Mercantile Exchange (CME), much like soybeans, corn attempted to stage a modest recovery overnight and early Friday morning but most of the early support was linked to a wheat market that was up 6-7 cents. Weather leans negative with steady showers moving through Nebraska, Iowa, and Missouri overnight and Friday morning. Areas of northern Iowa saw over an inch, which was timely and desperately needed. Wheat futures traded both sides of the unchanged but ultimately ended in positive territory. Overnight headlines were riddled with reports that the cold weather in Brazil may have damaged a portion of their winter wheat. Despite this, Brazil is still seen as a strong importer of wheat until their new crop harvest begins given that Argentina is so tight on supply domestically. For soybeans, the bulls saw a bit of good news Friday morning after the U.S. Department of Agriculture announced a 220,000 tonne soybean sale to China for the 2013-14 marketing year but this failed to spur on much excitement in the trade given the souring nearby cash market sentiment.