Chicago agricultural commodities drop on stronger dollar

Chicago agricultural commodities dropped across the board Friday on a stronger dollar, a result of better-than-expected U.S. job data. The most active corn contract for December delivery lost 11.5 cents, or 2.29 percent, to close at 4.9125 dollars per bushel. September wheat slipped 5 cents, or 0.75 percent, to settle at 6.6 dollars per bushel. November soybeans dropped 22.5 cents, or 1.8 percent, to close at 12.2825 dollars per bushel. December corn gained Friday on favorable weather conditions forecast for the next 1-5 days. Net weekly export sales of corn came at 233,100 tonnes for the current marketing year and 81,400 tonnes for the next marketing year for a total of 314,500 tonnes. By June 27, cumulative sales of corn stood 102 percent of the USDA forecast, as against a 5-year average of 97.8 percent. Meanwhile, the U.S. Department of Agriculture (USDA) slashed the U.S. export forecast for 2012-13 to 700 million bushels in its last report, negative to corn. September wheat dropped in thin trade Friday despite positive export sales data. Net weekly export sales of wheat were at 593, 000 tonnes for the current marketing year and cumulative sales by June 27 stood at 34.5 percent of the USDA forecast, as against a 5- year average of 25 percent. Meanwhile, China bought another 239, 000 tonnes and Brazil purchased 60,500 tonnes of wheat from the U. S., supportive of wheat. November soybean dropped Friday despite supportive export sales data. Net weekly export sales of soybeans were at 120,600 tonnes for the current marketing year and 249,100 tonnes for the next marketing year for a total of 369,700 tonnes. By June 27, cumulative sales stood at 102 percent of the USDA forecast, as against a 5-year average of 99 percent.