CHICAGO, Dec. 31 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed lower on Monday, the final day of 2018, amid profit-taking and technical selling.
CBOT brokers estimated that funds sold 2,100 contracts of wheat and 3,100 contracts of corn, while being flat in soybeans.
Soybean futures traded higher earlier Monday amid trade optimism but pulled back later over profit-taking.
During their latest telephone conversation, the Chinese and U.S. heads of state stressed the progress made so far in trade talks while voicing hope for further results that can bring benefits to both sides and the world.
As soybeans have been in the front line in the trade dispute between the two countries, the bullish news boosted CBOT soybean prices. But when traders opted to lock in profits, the soybean futures reversed the upturn and settled with slight losses.
"I think that once the market really had that big surge, it brought in all the profit- takers and they took everything off the table," said Virginia McGathey, McGathey Commodities.
Meanwhile, technical selling dragged down CBOT wheat, said market analysts.
At the end of the last session this year, CBOT March corn was down 0.5 cent, or 0.13 percent to close at 3.75 dollars per bushel. March wheat was down 8.25 cents, or 1.61 percent to settle at 5.0325 dollars. March soybeans were down 0.5 cents, or 0.06 percent to settle at 8.95 dollars per bushel.
On a yearly basis, both corn and wheat futures posted sharp gains when compared to the end of 2017, while CBOT soybeans lost nearly 7 percent due to the U.S. trade dispute with China, as the world's top oil seed buyer turned to Brazil for soybean supplies. Enditem
