CHICAGO, Oct 15: Chicago Board of Trade (CBOT) wheat, corn and soybeans closed all lower Wednesday on profit-taking after a strongly rally in the previous session.
The most active corn contract for December delivery shed 5.5 cents, or 1.43 per cent, to 3.79 U.S. dollars per bushel. December wheat delivery lost 10.75 cents, or 2.07 per cent, to 5.0825 dollars per bushel. November soybeans dropped 3.5 cents, or 0.38 per cent, to 9.105 dollars per bushel.
Chicago wheat Wednesday gave back most of its previous gains, on profit-taking along with forecasts for beneficial rains next week in the Black Sea region, major wheat export areas, analysts said.
Corn came under further pressure from the advancing U.S. crop harvest, dropping to its lowest in almost a month on Wednesday.
On Tuesday, the U.S. Department of Agriculture(USDA) reported about 42 per cent of the U.S. corn crop was harvested as of Oct. 11, compared to 27 per cent a week earlier. Approximately 23 per cent of the crop was harvested in the same week a year earlier, while the five-year average for this time of year is 43 per cent.
Meanwhile, soybean futures also fell back after the USDA figures showed that the U.S. soybean harvest progress was well above the five-year average for this time.
The crop later trimmed their losses on short covering as the USDA's daily export reporting system showed another 235,000 million tons of soybeans were sold to China, and the currency of Brazil, a major soybean exporter, rallied strongly against the U.S. dollar.