Chicago Board of Trade (CBOT) wheat and soybean futures posted losses amid profit-taking on Wednesday following days of gains.
The most active corn contract for March delivery remained unchanged at 3.615 dollars per bushel. March wheat delivery went down 5.5 cents, or 1.20 percent, to close at 4.5175 dollars per bushel. March soybeans fell 4.5 cents, or 0.45 percent, to settle at 9.9575 dollars per bushel.
CBOT brokers reported that funds sold 2,500 contracts of corn, 5,700 contracts of wheat and 6,300 contracts of soybeans.
The dry weather and poor crop condition in U.S. plains has pushed up CBOT wheat prices in the past five consecutive sessions, which reached four month highs.
After days of rally, it was also a corrective session for CBOT corn and soybeans. The corn prices managed to stay the same at close while soybeans followed wheat to decline over profit-taking.
Argentina reportedly received some rainfall in its far northwest provinces overnight, which might ease the drought. But some market observers argued this rain would have no significant impact on Argentine soybean or corn yields, as the area produces only four percent of the south American country's crops.
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