Chicago agricultural commodities close mixed

Chicago Board of Trade (CBOT) corn settled little changed on Thursday, wheat declined a little more, while soybeans closed sharply lower on technical selling.

The most active corn contract for December delivery added 0.25 cents, or 0.07 percent, to 3.485 dollars per bushel. September wheat delivery fell 3 cents, or 0.70 percent, to 4.255 dollars per bushel. November soybeans declined 48.5 cents, or 4.52 percent, to 10.2475 dollars per bushel.

Analysts attributed the corn gains to the reduction of Brazilian corn supplies as Conab, the national supply company cut it's corn prospects. Brazil corn decreased by 3.99 million and 11.5 million tons respectively in the first and second harvest for the 2015/16 market year, Conab said Thursday in a news release.

According to Conab, the country's total corn production decreased to 69.14 million tons from 76.22 million.

But corn failed to hold onto its rally later Thursday as weather forecast favored mild temperatures this weekend and rain in the next week in the U.S. Midwest.

The favorable weather also sparked fund technical selling in soybeans, weighing on soybeans on Thursday. CBOT floor brokers estimated that funds have sold 7,700 contracts of soybean before Midday Thursday, AgResource, the Chicago-based agriculture consultancy, said in its daily commentary.

Wheat declined more on ample wheat stocks and the ongoing winter wheat harvest in the U.S. southern Plains, according to Analysts.

The U.S. Department of Agriculture (USDA) pegged winter wheat till week of July 3 at 58 percent in its weekly crop progress report Tuesday morning, sharply higher than the previous week's 45 percent and 3 percent higher than previous five-year average.

USDA said Thursday morning that private exporters reported export sales of 120,000 tons of soybeans for delivery to China during the 2016/2017 marketing year, and export sales of 137,160 tons of corn for delivery to Mexico. Enditem