CHICAGO, Aug.3 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures closed lower on Thursday with soybeans losing nearly two percent over favorable weather pattern.
The most active corn contract for December delivery fell 1.25 cents, or 0.33 percent, to 3.7775 dollars per bushel. September wheat delivery went down 3 cents, or 0.65 percent to 4.5775 dollars per bushel. November soybeans declined 17 cents, or 1.74 percent, to 9.605 dollars per bushel.
CBOT volume was active with funds on the sell side of the marketplace. Brokers reported that funds sold 9,300 contracts of soybeans, 3,000 contracts of corn, while selling 1,800 contracts of wheat.
A more favorable weather pattern led to the downturn of gain futures, said analysts.
"Soybeans have been the main story over the past several sessions, they have been taking majority of the pressure in the grains complex as weather improves and we look for probably a little bit better yield on the back of the better weather," said Oliver Sloup from Managed Futures of iiTrade.
Weather conditions for the next two weeks is expected to improve further especially in the U.S. Midwest, which is a good for corn and soybean.
