Chicago agricultural commodities settle lower

CHICAGO, Dec. 11 (Xinhua) -- Chicago Board of Trade (CBOT) grains closed lower on Monday with wheat and corn futures falling more than one percent.

The most active corn contract for March delivery fell 3.75 cents, or 1.06 percent to settle at 3.49 dollars per bushel. March wheat delivery went down 5.5 cents, or 1.31 percent, to 4.135 dollars per bushel. January soybeans lost 7.25 cents, or 0.73 percent to close at 9.825 dollars per bushel.

CBOT brokers reported that funds sold 6,400 contracts of corn, 4,800 contracts of soybeans and 4,300 contracts of wheat.

Wheat futures have fallen to new contract lows on continued technical selling amid large world supplies, said analysts.

Meanwhile, favorable weather in the Black Sea is allowing Russia to export record tons of wheat, adding more pressure on CBOT wheat.

Traders believe that wetter forecasts for parts of Argentina and Brazil will, to some degree, relieve the dry and hot conditions there, which dragged down the prices of soybeans.

CBOT corn followed the declines of wheat and soybeans.

Prices also drifted lower ahead of Tuesday's report on world agricultural supply and demand estimates, prepared monthly by the U.S. Department of Agriculture. Enditem