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Chicago corn lower; wheat, soybeans little changed

Xinhua, April 9, 2015 Adjust font size:

Chicago Board of Trade agricultural commodities closed mixed on Wednesday with most active wheat and soybeans contracts rising slightly, corn falling ahead of a monthly U.S. government's crop estimates report.

The most active corn contract for May delivery lost 3.75 cents, or 0.98 percent, to close at 3.7925 U.S. dollars per bushel. Wheat for May delivery added 0.25 cents, or 0.05 percent, to close at 5. 2625 dollars per bushel. May soybeans gained 0.5 cents, or 0.05 percent, to close at 9.715 dollars per bushel.

Corn prices extended their losses for a third straight session on Wednesday, as U.S. corn end stocks are expected to rise in the April World Agricultural Supply and Demand estimates (WASDE) report from the U.S. Department of Agriculture scheduled on Thursday morning. Corn also came under pressure from the sharp fall in crude oil prices on the same day.

Meanwhile, the weekly ethanol production report released by the U.S. Energy Information Administration (EIA) on Wednesday showed a decline in production. U.S. ethanol production through the week ending April 3 fell to 936,000 barrels per day which was down 1.7 percent from the prior week while inventories were almost unchanged.

Wheat and soybeans futures closed mixed with their most active contracts rising slightly on some short covering.

The weather forecast showed that a larger portion of Kansas is expected to see needed rainfall in the next 14 days. "Other than wet Delta weather, it's hard to find a reason to be a grain bull," said AgResource company, a Chicago-based agricultural research institute. Endite