Chicago agricultural commodities settle lower – Xinhua

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CHICAGO, Dec. 6 (Xinhua) — Chicago Board of Trade (CBOT) grains closed lower on Wednesday with soybeans retreating from a seven-week high.

The most active corn contract for March delivery fell 1 cent, or 0.28 percent to settle at 3.5275 dollars per bushel. March wheat delivery went down 7.5 cents, or 1.73 percent, to 4.2525 dollars per bushel. January soybeans lost 5.75 cents, or 0.57 percent to close at 10.0275 dollars per bushel.

CBOT soybeans had posted sharp gains in the previous session amid concerns over dry weather pattern in Argentina and southern Brazil.

On Wednesday, profit-taking trimmed the gains of soybeans, which still managed to keep above the 10 dollar per bushel level.

Another factor that led to the fall of soybeans was a correction by the U.S. Department of Agriculture. It announced in the morning that a recent export sale of soybeans to China should be 393,000 metric tons instead of 525,000 metric tons, which was issued in error.

Additional pressure came from a strong U.S. dollar. The U.S. dollar index has risen for three days in a row, making CBOT commodities less competitive in international market.

Meanwhile, both Paris and Chicago wheat futures declined on Wednesday due to ample inventories.