Chicago agricultural commodities close mixed

Chicago Board of Trade (CBOT) grains futures close mixed on Wednesday with corn and wheat futures falling, buffeted by profit-taking and abundant world supplies.

The most active corn contract for March delivery fell 2.5 cents, or 0.69 percent, to 3.58 dollars per bushel. March wheat delivery drooped 5.75 cents, or 1.41 percent, to 4.01 dollars per bushel. January soybeans rose 1.25 cents, or 0.12 percent, to 10.49 dollars per bushel.

Soybean prices edged higher for a third consecutive session, bolstered in large part by ongoing demand for the crop.

The U.S. Agriculture Department(USDA) on Wednesday said private exporters had booked sales of 400,000 tonnes of soybeans for delivery to China and unknown destinations, which fueled continued buying by fund managers optimistic world demand for the oilseeds will keep prices afloat.

The gains came despite forecasts for wetter weather in Argentina, which eased fears dry conditions would dent crop yields there, limiting the growth of global supplies.

Corn prices fell, weighed down by profit-taking by traders who had pushed prices higher for three consecutive sessions.

A surge in farmer selling also pressured the corn market as U.S. farmers marketed their crops to take advantage of the multiday rally. Corn prices fell to a seven-year low earlier in the year, and many growers have been waiting to sell their crops until prices improve.

Wheat prices slid, pressured by ample grain harvests around the world and tepid demand for U.S. supplies. The world is currently overstocked with wheat.

Wheat prices also declined as traders evened positions ahead of a monthly supply-and-demand report from USDA on Friday. Analysts widely expect the government to boost forecasts for world wheat reserves. Endit