Chicago agricultural commodities fall on negative report

Chicago agricultural commodity futures were traded lower Friday, as negative USDA report pressured the trading most of the day. The most active corn contract for December delivery fell 27.5 cents, or 5.11 percent, to close at 5.11 dollars per bushel. September wheat lost 16 cents, or 2.37 percent, to settle at 6. 5775 dollars per bushel. November soybeans fell 23.25 cents, or 1. 82 percent, to close at 12.52 dollars per bushel. According to the Chicago Mercantile Exchange (CME), July corn traded higher on the day but the December contract sank over 20 cents due to the negative new crop report from the U.S. Department of Agriculture (USDA). For the June 1st Planted Acreage report, producers planted 97.379 million acres as compared with trade expectation for 95.3 million acres and this is up from 97.3 in March intentions. Wheat futures traded sharply lower following the USDA report that was considered slightly bearish against trade expectations. U. S. wheat planted acreage came in at 56.53 million acres, up from 56.44 million in the March intentions report and above the trader estimate of 55.9 million acres. Also for wheat, harvest progress continues to move forward with better than expected yields. The technical outlook is negative, which favors additional downside. For soybeans, the USDA report was considered neutral to slightly supportive against trade expectations. However, weakness in corn and the outlook for improved weather ahead helped to push futures lower after the release.