Chicago corn, wheat, soybeans close lower

Chicago Board of Trade (CBOT) wheat closed lower on Wednesday for its fourth straight day on favorable rains, and soybeans also retreated on technical selling after two-day rally.

The most active corn contract for December delivery fell 0.25 cents, or 0.07 percent, to 3.6175 U.S. dollars per bushel. March wheat delivery shed 2 cents, or 0.41 percent, to 4.85 dollars per bushel. January soybeans lost 6.25 cents, or 0.72 percent, to 8.5775 dollars per bushel.

Analysts said corn and soybeans fell on technical reasons Wednesday. An official report also put some pressure on corn as it showed production of the corn-based biofuel fell while stocks rose on Wednesday.

The Weekly Ethanol Plant Production report released Wednesday by the U.S. Energy Information Administration showed that U.S. ethanol production lost 7,000 barrels to 975,000 barrels a day till week of Nov. 13, while the stocks ethanol stocks rose by 395,000 barrels to 19.25 million barrels.

Soybeans sagged as political developments in Argentina, a major soybeans exporter, raised the prospect of an export boom, according to a report released Wednesday by U.S. business finance news website agrimoney.

The presidential candidate Mauricio Macri enjoyed a lead against his left-wing opponent ahead of run-off elections to be held this weekend, and he is expected to move to open up agricultural exports from Argentina by lowering export taxes, agrimoney said in its report.

Wheat continued to fell on favorable rains and stronger U.S. dollar. Endit