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Chicago corn, wheat retreat on profit taking

Xinhua, October 8, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat retreated from recent highs on a round of profit taking on Wednesday, while soybeans extended gains for a third day.

The most active corn contract for December delivery lost 2.50 cents, or 0.63 percent, to settle at 3.9575 U.S. dollars per bushel. December wheat delivery was lower 9.50 cents, or 1.81 percent, to close at 5.1675 dollars per bushel. November soybeans added 3 cents, or 0.34 percent, to close at 8.91 dollars per bushel.

Analysts said that a round of profit taking weighed on corn and wheat on Wednesday. On Tuesday, corn rose for a fourth successive trading day, while wheat reached its highest level since July 20 after a two-day rise.

Besides, the weakness in the ethanol market fueled sell-off of corn on Wednesday.

The U.S. Energy Information Administration said Wednesday in its weekly report of Ethanol Plant Production that ethanol production till week of Oct. 2 was 950,000 barrels per day, higher than the previous week, but the ethanol stocks were also higher than the previous week and previous year.

The soybeans extended gains for a third day as traders expected the U.S. Department of Agriculture (USDA) will reduce its yield estimates for soybeans in its Friday report.

The USDA will probably reduce its estimate for U.S. soybean ending stocks to 414 million bushels from 450 million, according to a Reuters poll of analysts. Endit