CHICAGO, Aug. 14 (Xinhua) -- Chicago Board of Trade (CBOT) corn and soybean futures settled sharply lower on Wednesday amid sell-off as abundant inventory and export uncertainty weighed on their prices.
CBOT brokers estimated that fund sold 12,000 contracts of corn and 6,500 contracts of soybeans, while buying 1,900 contracts of wheat.
The most active corn contract for December delivery was down 6.25 cents, or 1.66 percent to close at 3.7025 U.S. dollars per bushel. November soybeans were down 11 cents, or 1.24 percent to 8.78 dollars per bushel. However, September wheat was up 1.75 cents, or 0.37 percent to 4.7375 dollars.
December corn has lost more than 11 percent since Monday, when the U.S. Department of Agriculture surprisingly raised its estimates on corn production and ending stocks in an updated supply and demand report.
Market participants had expected some downward revision, given the delay of spring planting due to prolonged wet weather pattern and flooding that hit the U.S. Midwest.
CBOT soybeans rose more than 1 percent during the previous session in response to news that Chinese and U.S. chief trade negotiators held phone talks.
On Wednesday, profit taking and foreign demand uncertainty led to soybeans' retreat.
The selling mode in Wall Street, which sent Dow some 800 points lower amid recession fears, also spilled over to CBOT market, said some analysts.