Chicago Board of Trade (CBOT) agricultural futures closed lower on Tuesday with wheat extending losses over Russian supply worries and profit-taking.

The most active wheat contract for December delivery fell 14.75 cents, or 2.62 percent to settle at 5.4775 dollars per bushel. December corn went down 2.25 cents, or 0.6 percent to close at 3.7425 dollars per bushel. November soybeans were down 7.25 cents, or 0.81 percent to settle at 8.86 dollars per bushel.

Although Russian officials have denied reports about any limit on wheat exports due to ongoing drought, traders are still concerned that such a fear would cause sellers to liquidate supplies, pouring a large amount of wheat in a short time into the global market.

Such speculation would drive down wheat futures instead of pushing up the prices, said analysts.

Additional pressure came from profit-taking, after nearly two percent weekly rise due to adverse weather conditions in many wheat-growing countries.

CBOT soybeans were lower as a crop tour just confirmed large soybean counts in the states of Ohio and South Dakota. Enditem