CHICAGO, June 5 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled sharply lower on Wednesday, with all the most active contrasts suffering double-digit losses on profit taking, trade tensions and improving weather.
The most active corn contract for July delivery was down 10.5 cents, or 2.47 percent to 4.1475 U.S. dollars per bushel. July soybeans were down 12 cents, or 1.36 percent to 8.6975 dollars per bushel. July wheat was down 16.5 cents, or 3.25 percent to 4.9075 dollars per bushel.
Wheat futures recently posted sharp gains amid fears about possible crop damage after spring storms and floods hit the central and southern U.S. plains.
However, the latest U.S. wheat condition report indicated that 64 percent of the winter crops were rated good or excellent as of June 2, 3 percentage points higher than the previous week and much better than the same period of last year.
Profit taking in the past two days, plus better crop condition, dragged down CBOT wheat prices, said market watchers.
Meanwhile, corn and soybeans also plunged amid massive fund selling. Rising tensions between the United States and its key trade partners, China and Mexico, and improving weather conditions in the next 10 days for central U.S. plains and western corn belt, sent their prices significantly lower. Enditem
Latest comments