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Chicago corn,wheat, soybeans lower on technical sale

Xinhua, November 3, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans all closed lower Monday on technical sales.

The most active corn contract for December delivery fell 5.75 cents, or 1.5 percent, to settle at 3.765 U.S. dollars per bushel. December wheat delivery lost 14 cents, or 2.68 percent, to close at 5.08 dollars per bushel. January soybeans dropped 7 cents, or 0.79 percent, to close at 8.7875 dollars per bushel.

Analysts said that technical sale of wheat was boosted as traders thought that rains in the U.S. southern plains and some parts of Midwest will benefit newly-sown winter wheat there.

Technical sale also gave pressure to corn and soybeans Monday, according to analysts.

CBOT floor brokers estimated that funds had sold 5,000 contracts of corn, 3,500 contracts of wheat and 2,500 contracts of soybeans before midday, according to a daily commentary released by the independent consultancy AgResource Company, headquartered in Chicago, Illinois. Endit