Chicago agricultural commodities extend losses on technical selling

Chicago Board of Trade (CBOT) corn, wheat and soybeans all extended their losses on Tuesday.

The most active corn contract for July delivery lost 25 cents, or 5.93 percent, to close at 3.9625 dollars per bushel. July wheat delivery fell 14.50 cents, or 3.07 percent, to settle at 4.585 dollars per bushel. July soybeans dropped 10.25 cents, or 0.90 percent, to close at 11.3325 dollars per bushel.

Corn settled sharply lower on technical selling, analysts said, adding that the rain weather forecast in the U.S. Midwest prompted funds' selling.

AgResource said in its daily commentary that the corn market has paced the decline on fund liquidation. According to the Chicago-based agriculture consultancy, funds have sold 24,000 contracts of corn before Midday Tuesday.

Wheat and soybeans followed corn's sharp decline on Tuesday, according to analysts.

In its weekly crop progress report released late Monday, the U.S. Department of Agriculture (USDA) rated 75 percent of U.S. corn in good to excellent condition as of the week ending June 19, unchanged from the previous week, but 4 percent lower than previous year.

As for the wheat, USDA said that winter wheat harvested finished 25 percent, 14 percent higher than the previous week. USDA rated 61 percent of winter in good to excellent condition, also unchanged form the previous week. However, the USDA rated 76 percent of spring wheat in good to excellent condition, 2 percent lower than the previous week.

USDA rated soybeans as 73 percent in good to excellent condition, which was 1 percent lower than the previous week.

USDA also said in its daily export sales report Tuesday morning that private exporters reported export sales of 132,000 tons of soybeans for delivery to China and export sales of 126,000 tons of soybeans for delivery to unknown destinations.

Additionally, USDA also announced export sales of 40,000 tons of soybean oil for delivery to China. Endit