Chicago agricultural commodities lower in morning trade

CHICAGO, May 2 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities traded lower on Wednesday morning, with wheat futures falling on investors' profit taking.

Wheat prices rose yesterday on reports from the Kansas Wheat Tour noting that cold and dry weather had slowed the growth. Some reports from fields indicated that the crop was in fairly bad shape.

July corn was 0.5 cent lower at 4.0525 U.S. dollars per bushel as of 1530 GMT, July wheat was 1 cent lower at 5.2825 dollars, July soybean was down 4.75 cents at 10.485 dollars.

As for international market, agriculture weather forecasts are concerning. There is no rain in sight for Australian wheat areas with winter grain seeding normally underway. Black Sea weather forecasts offer limited rain for the next 2 weeks with warm to hot temperatures this week and cooling next week.

And the winter Brazilian corn areas will be bone dry into mid-May. Finally, the other South American weather extreme is flooding rains for portions of Argentina. World crop production is in decline with European traders very focused on emerging Black Sea dryness. Enditem