Chicago corn and wheat rise while soybeans fall

Chicago agricultural commodity futures were traded mixed Friday, with corn and wheat prices up while the price for soybeans down on bearish USDA report. The most active corn contract for May delivery rose 12.25 cents, or 1.77 percent, to close at 7.035 dollars per bushel. May wheat advanced 1.5 cents, or 0.22 percent, to settle at 6.97 dollars per bushel. May soybeans fell 2.5 cents, or 0.17 percent, to close at 14.71 dollars per bushel. According to Chicago Mercantile Exchange (CME), May corn is traded higher after the U.S. Department of Agriculture (USDA) report was considered neutral to slightly bullish for market direction. The U.S. ending stocks estimate was pegged at 632 million bushels, unchanged from the February estimate but below trade estimates of 643 million bushels. Argentina corn production was pegged at 26.50 million tonnes, compared with 27 million last month and against trade estimates of 25.45 million tonnes. Brazil corn production was pegged at 72.5 million tonnes, compared with trade estimates of 72.35 million tonnes. Wheat markets traded both sides of the unchanged on the day after the USDA report for wheat was considered bearish against trade estimates. May soybeans traded mixed to slightly lower on the day after the USDA report was considered bearish against trade expectations. For soybeans market, U.S. ending stocks for the 2012-13 crop year came in at 125 million bushels, compared with trade expectations of 120 million bushels. World ending stocks for the 2012-13 season came in at 60.21 million tonnes as compared 60.12 million tonnes in last month's estimate and against trade estimates of 59.45 million tonnes.