Chicago agricultural commodities futures closed lower

CHICAGO, July 19 (Xinhua) : Chicago agricultural commodities futures trading closed lower yesterday, led by wheat.  The most active corn contract for December delivery dropped 8. 75 cents, or 2.26 percent, to close at 3.785 U.S. dollars per bushel. September wheat went down 18.5 cents, or 3.36 percent, to close at 5.3225 dollars per bushel. November soybean dropped 8.75 cents, or 0.8 percent, to close at 10.8525 dollars per bushel.

Corn and wheat futures were in fast retreat as Black Sea grain trade turned out to be not affected by the crash of a Malaysia Airlines flight Thursday. This caused the market to take back nearly all of Thursday's gains on the concerns over geopolitical risks.

The Global Forecast System showed that there is no lasting heat for Central U.S. into Aug. 3 with a flow of better humidity levels across the Midwest in the forthcoming period of a week or half a month, which should be favorable to the soybean crop.

According to analysts, the agreed currency swap between China and Argentina would make devaluation less threatening to Argentina Central Bank Reserves.