Chicago agricultural commodities fall on wetter weather forecast

Chicago Board of Trade (CBOT) corn, wheat and soybeans all retreated and settled lower Thursday.

The most active corn contract for December delivery shed 5 cents, or 1.35 percent, to 3.6475 dollars per bushel. September wheat delivery was down by 5.75 cents, or 1.31 percent, to 4.34 dollars per bushel. November soybeans declined 43 cents, or 3.89 percent, to 10.6225 dollars per bushel.

The new midday weather forecast favored cooler and wetter weather in some corn and soybean fields in U.S. Midwest and North Plains.

Analysts noted traders are closely monitoring the weather model and the wetter weather forecast has eased some worries that adverse weather may dent the progress of corn and soybean, boosting expectations of ampler supplies and weighing on corn and soybeans on Thursday.

Corn and soybean futures had declined two consecutive trading days on hotter and drier weather forecast before Thursday.

Wheat futures followed corn and soybeans lower, while an official report also showed bearish wheat export sales on Thursday as the U.S. Department of Agriculture (USDA) rated wheat net sales till week of July 7 at 317,700 tons for 2016/2017, down 62 percent from the previous week and 53 percent from the prior four-week average.

The USDA pegged corn net sales at 667,800 tons for 2015/2016, up 81 percent from the previous week and 2 percent from the prior 4-week average.

As for the soybeans, the USDA said in its weekly export sales report that net sales of 364,200 tons for 2015/2016 were down 43 percent from the previous week and 49 percent from the prior four-week average. Endit