Chicago wheat, corn, soybean slip for second session in row

Chicago Board of Trade (CBOT) wheat, soybean and corn all post lower for the second straight session on Thursday amid global crop oversupplies.

The most active corn contract for July delivery lost 0.75 cents, or 0.21 percent, to close at 3.565 U.S. dollars per bushel. July wheat delivery shed 9.25 cents, or 1.8 percent, to close at 5.0425 dollars per bushel. July soybeans fell 9.5 cents, or 1 percent, to close at 9.4 dollars per bushel.

The U.S. Department of Agriculture (USDA) said Thursday in its weekly export report that for the week ending June 4, the United States witnessed net sales of 376,700 metric tons of wheat for delivery in the 2015/2016 marketing year, which began on June 1.

Corn net sales were at 495,600 metric tons, up 7 percent from the previous week and down 14 percent from the prior four-week average, while soybeans sales were at 164,000 metric tons, up 26 percent from the previous week, but down 5 percent from the prior four-week average, the report said.

AgResource company, a Chicago-based agricultural research institute, wrote in a report that U.S. wheat sales for the initial week of the 2015/16 crop year are down 28 percent from last year, U.S. corn sales in old crop are down 6 percent, while old crop U.S. soybean sales stand at a record high, up over 11 percent from last year. However, U.S. new crop soybean sales are off nearly 50 percent from last year.

Soybeans extended their losses on Thursday as the Brazil agricultural authority raised its outlook for Brazilian soybeans production at 96 million metric tons, up 900,000 metric tons from the forecast in May, which is a new record. Endite