CHICAGO, Jan. 17 -- Chicago agricultural commodity futures were traded mixed Friday, with corn and wheat futures down while soybeans posting gains on China's recent purchases.
The most active corn contract for March delivery fell 4 U.S. cents, or 0.93 percent, to 4.24 dollars per bushel. March wheat lost 9.25 cents, or 1.62 percent, to 5.635 dollars per bushel. March soybeans rose 1.5 cents, or 0.11 percent, to close at 13.165 dollars per bushel.
March corn closed lower in spite of favorable weather in Argentina and Friday's news of a purchase by Egypt.
U.S. wheat futures slumped on expectations that supplies will remain abundant even though lower prices have boosted export demand, according to market analysts. Furthermore, U.S. wheat faces stiff competition from India, which plans to export more reserves due to the forecast of a record harvest this year.
Soybeans finished the week higher, boosted by China's recent purchases. The futures market will be closed on Monday in observance of the Martin Luther King Jr. Day.