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Chicago agricultural commodities settle lower – Xinhua

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CHICAGO, June 12 (Xinhua) — Chicago Board of Trade (CBOT) grains futures closed lower on Monday amid massive fund selling as traders pondered the coming rains.

The most active corn contract for July delivery fell 10.5 cent, or 2.71 percent, to 3.7725 dollars per bushel. July wheat delivery fell 11.75 cents, or 2.64 percent, to 4.34 dollars per bushel. July soybeans dropped 10.25 cents, or 1.09 percent, to 9.3125 dollars per bushel.

It is expected to rain in the Midwest later this week, along with more moderate temperatures. This will ease the adverse effects brought by hot and dry weather in the past week.

Amid expectation of weather improvement, CBOT brokers reported thatfunds sold 15,000 contracts of corn, 7,000 contracts of wheat, and 4,800 contracts of soybeans on Monday, obviously targeting profits from recent rallies. Enditem