Chicago soybean drops under outside market pressure

Chicago soybean prices dropped on Friday, under pressure induced by setbacks in outside markets. Corn and wheat ended a tad higher. The most active corn contract for December delivery rose 2.25 cents, or 0.3 percent, to close at 6.5575 U.S. dollars per bushel. December wheat added 0.75 cent, or 0.1 percent, to 6.3675 dollars per bushel. January soybean pared 6.25 cents, or 0.5 percent, to close at 12.21 dollars per bushel. A trader mentioned that the grain market showed some weakness with other commodities and equity market on Friday, as investors, who are anxiously waiting for the results of a confidence vote in Greek Prime Minister George Papandreou's government by the parliament, appeared to be reluctant to take risk. And the grain market were also hammered by a sharp rally in U.S. dollar, and mixed U.S. employment news. The U.S. Labor Department said on Friday that the economy added 80,000 jobs in October, less than market expectations of 100,000. As for corn market, the drier weather in U.S. Midwest is expected to accelerate the tail end of the harvest, weighing on the prices, but the price gained some support from trade expectations that U.S. Department of Agriculture may lower their yield projection by 0.5 bushel per acre from 148.1 bushel last month.