Chicago agricultural commodities close lower

Chicago Board of Trade (CBOT) corn, wheat and soybeans all retreated Wednesday.

The most active corn contract for May delivery lost 1.5 cents, or 0.41 percent, to close at 3.685 dollars per bushel. May wheat delivery declined 3.75 cents, or 0.80 percent, to close at 4.63 dollars per bushel. May soybeans shed 5 cents, or 0.55 percent, to close at 9.0525 dollars per bushel.

Corn, wheat and soybeans all retreated a little as a stronger U.S. dollar make them more expensive to other currency buyers, boosting concerns that they will be less competitive in the global market, according to analysts.

Additionally, funds' profit taking after recent gains also pressed the main three Chicago agricultural commodities lower Wednesday. CBOT funds have sold 3,400 contracts of corn, 1,000 contracts of wheat and 4,500 contracts of soybeans, AgResource, the Chicago-based agriculture consultancy, reported in its daily commentary.

The U.S. fuel ethanol output during the week ending March 18 was down 4,000 barrels a day from the previous week to 995,000 barrels a day, while the stocks were 22.519 million barrels, compared with 22.853 million barrels the previous week, said the Weekly Ethanol Plant Production Report released Wednesday by the U.S. Energy Information Administration.

Some analysts noted that the report also gave some pressure on corn as it showed less corn were consumed last week, while ethanol stocks remained record high. Corn is usually used to make ethanol in the United States. Endit