Chicago agricultural commodities close lower

Chicago Board of Trade (CBOT) corn, wheat and soybeans all closed lower on Friday before the Independence Day holiday long weekend.

The most active corn contract for December delivery lost 4.25 cents, or 1.14 percent, to 3.67 dollars per bushel. September wheat delivery fell 15.25 cents, or 3.42 percent, to 4.3025 dollars per bushel. November soybeans shed 15.75 cents, or 1.37 percent, to 11.375 dollars per bushel.

For the week, corn shed some 4.55 percent based on the most active month, wheat also fell 7.47 percent, while soybean advanced 5.47 percent.

Weather forecast favored heavy rains some fields in U.S. Midwest, especially in Kansas and Missouri states in the weekend and next seven days. Analysts noted that rain weighed on corn and soybeans as it eased the concerns about drier weather may dent the silking of corn and the blooming of soybeans, boosting expectations of more corn and soybeans supplies.

Wheat declined more on ample U.S. and global supplies, according to analysts.

Wheat futures plunged to a 10-year low as massive stocks and ever improving harvest prospects keep hammering at the market, the online media Agrimoney reported in its daily comments on Friday.

According to an annual storage report released Thursday by the U.S. Department of Agriculture (USDA), wheat stored on June 1, 2016 totaled 981 million bushels, up 30 percent from a year ago.

USDA said Friday in its daily export report that private exporters reported export sales of 40,000 tons of soybean oil for delivery to China during the 2016/2017 marketing year.