Chicago agricultural commodities extend losses

Chicago Board of Trade (CBOT) corn, wheat and soybeans extended some losses on Thursday as wet weather is around the corner in the U.S. Midwest.

The most active corn contract for July delivery was lower of 3.75 cents, or 0.87 percent, to close at 4.2525 dollars per bushel. July wheat delivery shed 5 cents, or 1.05 percent, to settle at 4.725 dollars per bushel. July soybeans lost 21.50 cents, or 1.86 percent, to close at 11.345 dollars per bushel.

The U.S. weather forecast favored more moisture in the crop field in U.S. Midwest in the next seven days, and analysts noted that corn, soybeans extended losses to a second successive trading day as weather improved in the U.S. Midwest.

Wheat followed corn and soybeans lower, and wheat also declined on the ongoing winter wheat harvest in the U.S. Midwest, according to analysts.

The U.S. Department of Agriculture (USDA) released its weekly export sales report on Thursday. In the highlights of the report, USDA rated corn net sales at 909,700 tons in the week of June 9 for market year of 2015/2016, which were down 39 percent from the the previous week and 36 percent from the prior 4-week average.

The report showed that wheat net sales were 762,900 tons for delivery in marketing year 2016/2017.

As for the soybeans, USDA said in the report that net sales of 816,400 tons for 2015/2016 were up 8 percent from the previous week and 57 percent from the prior 4-week average. Enditem