Chicago grain prices extend losses on weak demand speculations

CHICAGO, May 25 (Xinhua): The Chicago corn and wheat prices suffered a major loss yesterday, as investors booked in profits, worrying that the recent price surge may put a dent on domestic and export demand. Soybean also ended a tad lower. The most active corn contract for July delivery trimmed 20.75 cents, or 2.8 per cent, to close at 7.3325 U.S. dollars per bushel. July wheat dropped 23.25 cents, or 2.9 per cent, to 7.7975 dollars per bushel. July soybean pared 1.5 cents, or 0.1 per cent, to 13. 7225 dollars per bushel. Traders mentioned that increasing signs showed that demand may slow from importers, processors and investors after prices of corn and wheat surged last week. "Importers are patiently awaiting new crop production estimates as planting completes, before they determine if they should wait for lower harvest prices or buy on fear corn production will be lower and prices higher later," said Tim Hannagan, senior grain analyst with PFGbest here in Chicago. Corn and soybean have been under some pressure after Goldman Sach cut its price forecast for soybean, corn and live cattle. And talks that Russia and India may have large wheat crops this year to offset losses in the United States also triggered long liquidation in the wheat market.