CHICAGO, June 21 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures closed lower on Wednesday with wheat posting more than one percent losses after consecutive gains in the past four sessions.
The most active corn contract for July delivery fell 1.25 cents, or 0.34 percent, to 3.6875 dollars per bushel. July wheat delivery declined by 8 cents, or 1.69 percent, to close at 4.645 dollars per bushel. July soybeans went down 9 cents, or 0.97 percent, to 9.1875 dollars per bushel.
CBOT floor brokers reported that funds sold 2,000 contracts of wheat, 3,000 contracts of corn, and 4,000 contracts of soybeans during the session.
The wheat for July delivery, which saw a sharp price increases in the past four days, suffered a big loss on Wednesday, obviously due to profit-taking.
Favorable weather in the corn and soybean growing U.S. Midwest, kept its pressure on the futures, leading to the third day of decline in prices.
According to the U.S. Department of Agriculture, the global inventories at the end of the 2017-2018 marketing year are expected to be at record highs.
"That will, at the very least, temper enthusiasm from bulls until more is known about global production," said Tony Dreibus from agriculture.com.
