Chicago corn and wheat contracts rose while soybean contract dropped Friday.

The most active corn contract for March delivery lost 4.5 cents, or 0.61 percent, to close at 7.36 dollars per bushel. March wheat fell 14.5 cents, or 1.86 percent, to settle at 7.65 dollars per bushel. March soybeans gained 5.75 cents, or 0.39 percent, to close at 14.7425 dollars per bushel.

Corn fell on the heels of wheat despite the support from positive macroeconomic data released Friday, as well as the uncertain weather outlook for Argentina for the next week.

Traders noted that farmers are extremely active in selling old and new corns due to the rally this week.

Nevertheless, the recent upward movement of corn may help ethanol profit margins improve in some areas.

Wheat fell sharply Friday on technical selling and profit taking after recent gains.

A doubtful export demand outlook also weighed on the wheat market. Wheat importers worldwide have backed away from the spot market and are turning to the Black Sea or India, where wheat supplies are cheaper. The Indian government is expecting another large new wheat harvest and is now busy selling inventory at attractive prices. The Indian wheat has made its way into the Southeast Asia feed markets and the Middle East/North African milling markets.

Soybean traded higher Friday on a doubtful weather outlook for South America, but the growth has been dragged down by the sharp losses on the wheat market.

A lower dollar also supported soybean.

Rainfalls are still expected for Brazil in the next two week, which are favorable to soybean production on the one hand and could delay the harvest progress on the other hand. Enditem

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