Chicago agricultural commodities settle lower on harvest pressure

Chicago Board of Trade (CBOT) grains futures close lower Wednesday on expectations that drier weather in the coming days will allow farmers in the Midwest to ramp up the harvest of what is expected to be record-large crops.

The most active corn contract for December delivery fell 2.5 cents, or 0.75 percent, to 3.2925 dollars per bushel. December wheat delivery dropped 0.75 cents, or 0.19 percent, to 4.0325 dollars per bushel. November soybeans fell 7 cents, or 0.73 percent, to 9.455 dollars per bushel.

Jack Scoville, The PRICE Futures Group senior market analyst, says that the market was lower, trumped with big production ideas creating some selling interest vs. the big demand, especially in the corn, providing the buying interest.

"Volumes have not been all that super, at least in this office. People are also looking ahead to the reports on Friday and using this as an excuse not to do too much," Scoville says.

U.S. corn and soybean harvests have been advancing slightly slower than average, U.S. Department of Agriculture (USDA) data showed on Monday. But fields are expected to dry out in the coming days in the Midwest grain belts.

"Weather forecasts in the huge Midwest grain and soybean belts are looking drier, which is what is needed at this stage of the year when the combine harvesters are rolling," said Frank Rijkers, agrifood economist at ABN AMRO Bank. Endit