Chicago agricultural commodities down

Chicago agricultural commodities dropped across the board Thursday.

The most active corn contract for December delivery fell 3.5 cents, or 1.06 percent, to close at 3.26 dollars per bushel. December wheat lost 6.25 cents, or 1.3 percent, to close at 4.74 dollars per bushel. November soybean shed 14 cents, or 1.49 percent, to close at 9.2275 dollars per bushel.

Huge yields and fund selling forced the grains markets to new lows. It is difficult for market analysts to find U.S. soybean yields under 50 bushels per acre or corn yield less than 180 bushels per acre. This has many traders weighing the size of the harvest. Market analysts believe the market has not found a bottom yet, and the soybean prices are more likely to drop heading into the October U.S. Department of Agriculture (USDA) crop report.

A USDA weekly report showed that as of Sept. 18, U.S. soybean sales totaled 94 million bushels; corn sales totaled 33 million bushels; and wheat sales totaled 15 million bushels. Year to date, U.S. soybean sales rested at 1,030 million bushels, up 10 percent from a year ago. But as China is moving to Latin American for soybean supply and amid huge yield reports, commercials were willing sellers of soybeans.

Dollar's going strong also harmed the export competitiveness of U.S. grains.

The weather forecast is positive with above normal temperatures and limited rainfall until next Tuesday. There are some indications that rain may pull across the Midwest late next week.