Chicago agricultural commodities all drop

Chicago agricultural commodities dropped across the board and sharply Friday. The most active corn contract for March delivery dropped 9 cents, or 1.31 percent, to close at 6.8025 dollars per bushel. March wheat lost 8.25 cents, or 1.09 percent, to settle at 7.4725 dollars per bushel. March soybeans fell 19.25 cents, or 1.39 percent, to close at 13.6725 dollars per bushel. Disappointing demand data continued depressing corn market. As of Dec.r 27, cumulative corn sales stood at 44 percent of the U.S. Department of Agriculture (USDA) forecast, lower than the five- year average of 56 percent. Shrinking ethanol production is also considered bearish to corn market. Weak export sales report released Friday dampened wheat market, because as of December 27, cumulative wheat sales stood at 67 percent of the USDA forecast for the current marketing year, lower than the 5-year average of 74 percent. A stronger U.S. dollar is also unfavorable to wheat market. Soybeans traded lower Friday on thoughts that the demand may be shifting to South America due to cheap prices. Meanwhile, the pace of soybeans exports has fallen off due to cancellations from unknown destinations and China.