CHICAGO, July 17 (Xinhua) -- Chicago Board of Trade (CBOT) grains futures closed lower on Monday with wheat declining for the fourth consecutive session.
The most active corn contract for December delivery dropped 1.5 cents, or 0.39 percent, to 3.88 dollars per bushel. September wheat delivery went down 4.75 cents, or 0.93 percent to 5.06 dollars per bushel. November soybeans slid 4 cents, or 0.4 percent, to 9.975 dollars per bushel. CBOT brokers estimated that funds bought 5,600 contracts of corn and 3,600 contracts of soybeans, while being flat in wheat.
Rains across areas of a main U.S. wheat producing region added pressure on its prices, following trend of below normal rainfall and above normal temperatures these days, said analysts.
With Russia's wheat production estimates keeping rising, the European wheat prices also fell on Monday in the wake of U.S. markets.
Both corn and soybean futures had posted more than one percent gains last Friday. Profit-taking played a role in their declines on Monday.