Chicago wheat, corn decline on profit taking, soybeans extend loss

Chicago Board of Trade wheat and corn futures declined Wednesday on profit taking, while soybeans continued losses on better outlook.

The most active corn contract for July delivery lost 1.00 cents, or 0.27 percent, to close at 3.665 U.S. dollars per bushel. September wheat delivery fell 3.75 cents, or 0.71 percent, to close at 5.2325 dollars per bushel. July soybeans fell 5.75 cents, or 0.58 percent, to close at 9.8175 dollars per bushel.

Analysts said that wheat retreated on technical selling after roaring to a two-week high in the previous session. Wheat rallied 4.15 percent Tuesday after a big gain of 2.74 percent on Monday.

Meanwhile, the weekly Ethanol Plant Production report released by the U.S. Energy Information Administration showed that fuel ethanol reached a record of 994,000 barrels per day in the week ended on June 19, up 14,000 from the week earlier and also surpassing the 992,000 barrels per day achieved in the week ended June 5. Profit taking pushed corn down after two consecutive-day gains.

Soybeans extended their losses amid expectation of better outlook. Farmers in Brazil, a big producer in South American, are encouraged by their government to expand their 2015-16 seedings, according to report of Agresource, a Chicago-based instituted.

Brazil has already raised their 2014-15 crop estimate to 93.7 million tonnes from the forecast of 93.06, and the news put some additional pressure to soybeans, analysts said. Endite