Chicago soybeans, wheat rally for second session; corn little changed

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Thursday with soybeans and wheat extending modest gains to a second straight session and corn almost unchanged.

The most active corn contract for December delivery lost 0.25 cents, or 0.07 percent, to 3.62 U.S. dollars per bushel. December wheat delivery gained 3.25 cents, or 0.66 percent, to 4.98 dollars per bushel. November soybeans rose 2.25 cents, or 0.26 percent, to 8.63 dollars per bushel.

Soybean prices rallied on Thursday after the U.S. Department of Agriculture(USDA) reported a sale of 300,000 metric tons of soybeans to China.

Chicago wheat futures also firmed on short-covering, despite sluggish U.S. wheat exports due to uncompetitive prices.

Meanwhile, December corn slipped slightly after the weekly ethanol production report released by the U.S. Energy Information Administration on Thursday showed a rise in supply, slightly bearish to corn future.

Analysts said ethanol demand, though up slightly, could not absorb totally the hike in production.

The USDA on Tuesday cut its outlook for corn used to produce ethanol for 2015/16 crop year by 75 million bushel.

CBOT grains got some support after the U.S. dollar index fell for a second day in a row. A weaker U.S. dollar could make greenback-denominated agricultural commodities cheaper for investors holding other currencies, while a stronger dollar can weigh on commodities.

The midday weather forecast showed drier weather conditions over the next eight to 15 days across the central and western Brazil, where farmers are planting record soybeans. Enditem