DES MOINES, Iowa (Agriculture.com)--The CME Group corn, soybean and wheat markets closed lower Friday.

The Dec. futures corn contract settled 8 cents lower at $7.99 1/2. Dec. wheat futures ended 13 cents lower at $8.89 per bushel. Nov. soybean futures contract closed 7 cents lower at $17.56. The Dec. soyoil futures contract finished $0.17 lower at $57.08. The Dec. soymeal futures contract settled $1.90 per short ton lower at $533.40.

In the outside markets, the NYMEX crude oil is $1.71 per barrel higher, the dollar is lower and the Dow Jones Industrials are 78 points higher.

Jack Scoville, PRICE Futures Group vice president, says wheat markets are lower on the Russian news. "In Russia, no export ban is contemplated and no action contemplated for now in limiting exports or raising taxes. So, wheat is giving back some gains on that," Scoville says.  

The rest of the market action weakness looks like spec long liquidation before the holiday and not much more, he says.  

"No real demand news out there and some weaker basis reports are driving things down. But, I think people are mostly just happy to get out and take a few days off and I can’t say I blame them. Given the price action today, I have to say it is a low volume day for me," Scoville says.