Chicago Board of Trade (CBOT) agricultural futures settled sharply lower on Wednesday, with both wheat and soybeans falling by double digits over renewed fund selling.

The most active wheat contract for May delivery was down 12.75 cents, or 2.76 percent to close at 4.50 U.S. dollars per bushel. May soybeans went down 11.75 cents, or 1.29 percent, to settle at 9.02 dollars per bushel. May corn was down 3.25 cents, or 0.86 percent, to close at 3.725 dollars per bushel.

CBOT brokers estimated that funds sold 3,200 contracts of wheat, 3,400 contracts of soybeans, and 5,500 contracts of corn.

CBOT wheat, which rose 1.59 percent during the previous session, fell significantly on Wednesday as investors tried to locked in profits.

U.S. soybeans extended losses amid export uncertainty.

Market participants now have their eyes on the monthly supply and demand report to be released by the U.S. Department of Agriculture on Friday.