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Chicago wheat, soybeans close lower slightly, corn unchanged

Xinhua, June 4, 2015 Adjust font size:

Wheat and soybeans futures settled lower slightly at Chicago Board of Trade (CBOT) while corn remained unchanged Wednesday.

The most active corn contract for July delivery was unchanged from the previous trading day. Wheat for July delivery fell 1.75 cents, or 0.34 percent, to close at 5.1075 dollars per bushel. July soybeans lost 5.5 cents, or 0.58 percent, to end at 9.3525 dollars per bushel.

Analysts said wheat futures continued to rally in the morning because of short-covering, but as the short-covering ran dry at noon, prices of wheat futures trading began to fall and closed slightly lower Wednesday.

Corn saw the same dynamics, according to analysts, but U.S. government data supported corn Wednesday.

The U.S. Energy Information Administration reported Wednesday that the U.S. produced 972,000 thousand barrels of ethanol in the week of May 29, up 3,000 barrels from the previous week, while stocks were down 29,000 barrels to 20.07 million barrels compared to previous week.

As for the soybeans, the profit-taking of funds pressed it down after the soybeans' big gain Tuesday, analysts said. Endite