Chicago agricultural commodities close lower

Chicago Board of Trade (CBOT) grains futures close lower on Wednesday as traders turned their attention to rising inventories from a record-large harvest and mostly favorable crop weather in South America.

The most active corn contract for December delivery fell 3 cents, or 0.88 percent, to 3.385 dollars per bushel. December wheat delivery dropped 2 cents, or 0.50 percent, to 3.97 dollars per bushel. January soybeans fell 3.75 cents, or 0.38 percent, to 9.8575 dollars per bushel.

Corn and wheat futures drifted lower, with this week's surge in the dollar adding pressure. A firmer dollar tends to make U.S. goods less competitive on the world market.

Soybeans were higher in early moves, supported in part by follow-through buying a day after the National Oilseed Processors Association said its members in October recorded their third-largest soy crush in history.

But the market was unable to maintain those advances, and the benchmark January contract dropped back below its 200-day moving average.

The market flagged despite the U.S. Department of Agriculture confirming fresh export sales of U.S. soybeans for the third day in a row.

Corn futures appeared to face chart resistance. The December contract was unable to push above its 50- and 100-day moving averages, which have converged near 3.43 dollars per bushel.

Wheat futures declined despite news of a large purchase by Algeria. The North African country's state grains agency, OAIC, bought 580,000 tonnes of optional-origin milling wheat, European traders said.

Traders thought the wheat was likely to be sourced from the United States, Germany and the Baltic states. Algeria, one of the world's largest grain importers, does not publish details of its international tenders. Endit