Chicago wheat, corn, soybeans retreat on lack of demand ahead of holiday

Chicago Board of Trade (CBOT) wheat, corn and soybean futures closed all lower Tuesday, as the lack of investors buying allowed them to give back earlier gains ahead of the Thanksgiving holiday.

Wheat led the downside in grains as March wheat delivery lost 9.25 cents, or 1.86 percent, to close at 4.885 dollars per bushel.

Meanwhile, the most active corn contract for March delivery dropped 3.5 cents, or 0.94 percent, to close at 3.695 U.S. dollars per bushel. January soybeans slipped 0.5 cents, or 0.06 percent, to close at 8.6375 dollars per bushel.

Chicago wheat fell sharply on the day amid sagging wheat prices of the Black Sea region, a major global wheat importer, and the news that Jordan was canceling a tender for 100,000 metric tons of wheat, according to traders.

"The wheat market is declining on the prospect that Russia could slow or end wheat/gas shipments to Turkey in wake of the downing Russian jet by the Turks," said AgResource company, a Chicago-based agricultural research institute. "Turkey is Russia's second largest wheat importer and there is talk of a partial embargo."

Corn prices also gave back its previous rally Tuesday following wheat sharp decline.

Meanwhile, January soybeans settled slightly lower on the day, even as a report said that Argentine president-elect Macri indicated that he is not planning a 90-day window of no export taxes on soybeans in Argentina. Endit