CHICAGO, May 9 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed lower on Wednesday as traders were squaring their positions ahead of a key monthly crop report.
The most active corn contract for July delivery fell 0.5 cent, or 0.12 percent to settle at 4.0275 dollars per bushel. July wheat delivery went down 4 cents, or 0.78 percent to close at 5.105 dollars per bushel. July soybeans were down 4.5 cents, or 0.44 percent to settle at 10.1575 dollars per bushel.
The U.S. Department of Agriculture (USDA) will release its May crop supply and demand report on Thursday and most traders took a cautious approach to avoid any risks.
CBOT traders estimated that funds sold 1,900 contracts of corn, 2,500 contracts of soybeans and 2,500 contracts of wheat.
The U.S. winter wheat crop was rated 34 percent good or excellent recently, up 1 percentage point from the end of last month, which also pressured wheat futures.
CBOT soybeans were lower from a rally in the previous session, on uncertainty over the outcome of trade talks between the United States and China, scheduled to continue next week in Washington.
"There's still some effect from the tariff issue, and China is just not stepping in and grabbing any of the U.S. soybeans," said Virginia McGathey with McGathey Commodities.
