Chicago agricultural commodities dropped across the board Wednesday, with corn posing the biggest loss. The most active corn contract for December delivery dropped 8. 75 cents, or 1.71 percent, to close at 5.02 dollars per bushel. September wheat lost 4.5 cents, or 0.67 percent, to close at 6.65 dollars per bushel. November soybeans slipped 2.75 cents, or 0.21 percent, to close at 12.835 dollars per bushel. December corn dropped sharply Wednesday on wetter weather pattern forecast for U.S. Midwest in late July, which is favorable to corn growth. South Korea bought another 60,000 tonnes of corn at cheaper prices from the Black Sea Wednesday, further dampening corn prices. Ethanol production for the week ending July 12 averaged 876,000 barrels per day, down 0.57 percent week on week but up 9.2 percent year on year. Corn consumed in the week\'s ethanol production is estimated at 91.98 million bushels. September wheat closed lower Wednesday as wheat price increase last week has blunted the competitiveness of U.S. wheat on the world market. A stronger dollar and market talk that wheat from the Black Sea is moving into the world market further pressured wheat. Meanwhile, China is tendering to buy 500,000 tonnes of Australia wheat; Jordan bought 100,000 tonnes of wheat of optional origin. November soybean slipped Wednesday on favorable wetter weather forecast for soybean crops in the next few weeks, as well as on falling bids in the U.S. Midwest. There is also talk that Brazil soybeans are moving into U.S. southeast this week, negative to soybean prices. Nevertheless, U.S. exporters sold 165,000 tonnes of soybeans to China for the 2013-14 season, curbing the price fall somehow.