Chicago Board of Trade (CBOT) grains closed lower on Wednesday despite some moderate early gains boosted by technical buying.
The most active corn contract for December delivery fell 1.75 cents, or 0.50 percent, to 3.51 dollars per bushel. December wheat delivery went down 2.5 cents, or 0.57 percent, to 4.355 dollars per bushel. November soybeans remained unchanged at 9.755 dollars per bushel.
Analysts said technical buying once pushed up the futures of corn and soybeans in early trading. However, under the pressure of plentiful inventories and the progress of harvest in the U.S. Midwest, the prices started to go down and settled lower.
Traders have learned that Brazil mulls duty-free wheat imports to fill a void enhanced by a disappointing domestic harvest. The plan is to allow in 750,000 tons of wheat from any origin, without the 10 percent tariff.
The U.S. dollar extended its overnight losses modestly, but not enough to improve the competitiveness of U.S. grains in world market.
The most active corn contract for December delivery fell 1.75 cents, or 0.50 percent, to 3.51 dollars per bushel. December wheat delivery went down 2.5 cents, or 0.57 percent, to 4.355 dollars per bushel. November soybeans remained unchanged at 9.755 dollars per bushel.
Analysts said technical buying once pushed up the futures of corn and soybeans in early trading. However, under the pressure of plentiful inventories and the progress of harvest in the U.S. Midwest, the prices started to go down and settled lower.
Traders have learned that Brazil mulls duty-free wheat imports to fill a void enhanced by a disappointing domestic harvest. The plan is to allow in 750,000 tons of wheat from any origin, without the 10 percent tariff.
The U.S. dollar extended its overnight losses modestly, but not enough to improve the competitiveness of U.S. grains in world market.
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