Chicago agricultural commodities close lower

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

The most active corn contract for July delivery lost 7.50 cents, or 1.72 percent, to close at 4.29 dollars per bushel. July wheat delivery fell 7.50 cents, or 1.55 percent, to settle at 4.775 dollars per bushel. July soybeans declined 13.50 cents, or 1.15 percent, to close at 11.56 dollars per bushel.

Analysts noted that corn, soybeans retreated as weather forecast favored beneficial rains in the coming two days in part of U.S. Midwest, easing concerns about hot and dry weather may dent the progress of corn, soybean there.

The U.S. Energy Information Administration (EIA) said Wednesday that till the week of June 10, U.S. production of corn-based ethanol production was 1,013,000 barrels per day, higher than previous week's 1,006,000. The stocks of ethanol were rated by EIA at 21,182,000 barrels, lower than previous week's numbers.

As for the wheat, some analysts noted that wheat fell for the fourth day in a row as winter wheat harvest continued in the U.S. Midwest, boosting expectations that more wheat will be supplied in the near future.

The U.S. Department of Agriculture said Monday after the market closed that the winter wheat harvest 11 percent, winter wheat condition was 61 percent of good to excellent, higher than previous week and previous year. Endit