CHICAGO, Oct. 18 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures closed lower on Wednesday with wheat falling more than one percent due to strong competition in overseas markets.
The most active wheat contract for December delivery plunged by 4.75 cents, or 1.09 percent, to 4.30 U.S. dollars per bushel. December corn delivery fell 1.5 cents, or 0.43 percent, to 3.485 dollars per bushel. November soybeans went down 0.5 cent, or 0.05 percent, to 9.8425 dollars per bushel.
CBOT floor brokers estimated that funds sold 4,000 contracts of corn, 2,500 contracts of wheat and bought 1,500 contracts in the soybean market.
The U.S. Wheat Associates (USW) has announced that it will close its office in Cairo, Egypt, on December 1, after some 40 years of operation in the world's leading wheat importer.
The mission of USW's overseas offices is to promote U.S. wheat, now facing fierce competition from other producers, especially in the Black Sea area.
USW President Vince Peterson has expressed the need to adjust its activities in the Middle East and North Africa, as the supply of much lower priced wheat from Russia significantly increased.
Corn and soybean markets followed the downturn, but the losses of their futures were limited. Enditem
