CHICAGO, Oct. 16 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled lower on Tuesday as weather conditions are improving in the U.S. Midwest, where corn and soybean crops suffered harvest delays due to long lasting rainfalls.
The most active December corn was down 3 cents, or 0.79 percent to close at 3.7525 dollars per bushel. December wheat was down 1.5 cents, or 0.29 percent to settle at 5.235 dollars. November soybeans were down 6.75 cents, or 0.76 percent to close at 8.8475 dollars.
The harvest delays had pushed up prices of CBOT corn and soybeans sharply in the past three sessions. But weather forecast indicates improving harvest conditions with dry weather for the U.S. northern plains and parts of the Midwest for the next 10 to 12 days.
Profit-taking also led to the fall of CBOT futures, said analysts.
A weekly crop progress report released late Monday by the U.S. Department of Agriculture (USDA) proved the worry that extreme wet conditions in the U.S. Midwest not only caused harvest delays, but also reduced quality for the soybeans.
According to the USDA report, soybean collection was 38 percent complete till last week, well behind a 53 percent five-year average, and below trade expectations of 40 percent.
The USDA rated the U.S. soybean crop at 66 percent good/excellent versus a 68 percent rating a week ago.
Meanwhile, the USDA pegged the corn harvest at 39 percent, behind trade estimates of 42 percent, but slightly ahead of the prior five-year average of 35 percent.
The USDA rated the U.S. corn as 68 percent good/excellent, roughly the same as it was a week ago.
