Chicago agricultural commodities settle lower amid massive selling

CHICAGO, Jan. 4 (Xinhua) -- Chicago Board of Trade (CBOT) grains closed lower on Thursday following days of rises due to extreme weather conditions in North and South America.

The most active corn contract for March delivery fell two cents, or 0.57 percent, to settle at 3.51 dollars per bushel. March wheat delivery went down two cents, or 0.46 percent, to close at 4.34 dollars per bushel. March soybeans edged down one cent, or 0.10 percent, to settle at 9.6775 dollars per bushel.

CBOT brokers reported that funds sold 4,500 contracts of corn, 4,100 contracts of soybean and 2,400 contracts of wheat.

The severe cold that hit wheat-growing U.S. areas in the past week had pushed up wheat futures sharply. Profit-taking on Thursday ended the upturn during the past two sessions.

Although temperatures started to rise in the southern plains, forecasters warned that more extreme weather is on the way for parts of the far eastern edge of the winter wheat belt, which may cause further damage.

Argentine heat and dryness had supported soybean prices for some days, and massive selling led to the retreat of soybeans, said analysts. Enditem