(Updates with analyst comment)
SHANGHAI, Jan 25 (Reuters) - Chicago soybean and corn futures extended their losses on Monday, following already sharp declines in the previous session, as rains in South American growing regions eased concerns about tight global supplies.
Wheat prices also fell, adding to four days of decline.
"Prices have already made very big gains... The news flow that supported those gains has dwindled since the U.S. Department of Agriculture's last WASDE report," said Tobin Gorey, director of agricultural strategy at the Commonwealth bank of Australia, in a note, referring to a World Agricultural Supply and Demand Estimates (WASDE) report.
"South American weather has been, or was expected to be, much more crop friendly."
The Chicago Board of Trade (CBOT) most-active soybean contract was last down 0.7% to $13.02 a bushel at 0430 GMT.
Meanwhile, corn eased 1.4% to $4.93-1/4 a bushel, while wheat was down 0.8% to $6.29-3/4 a bushel.
Brazilian farmers are poised to reap a record harvest of 132.2 million tonnes of soybeans in 2021 despite a drought that delayed plantings, according to the average of estimates in a poll of 13 analysts.
In December, a consensus forecast had showed farmers would harvest 131.79 million tonnes of soybeans, Brazil's most prized export commodity. Last year, farmers produced almost 125 million tonnes, according to government data.
Sovecon raised its Russian 2021 wheat crop forecast to 77.7 million tonnes from 76.8 million tonnes citing improved weather conditions in January, the agricultural consultancy said.
Meanwhile, Egypt's state grains buyer the General Authority for Supply Commodities (GASC) bought 6,000 tonnes of soyoil in a local tender on Saturday, traders said.
Turkey's state grain board TMO has also confirmed the final purchase of only 95,000 tonnes from an estimated total of 400,000 tonnes wheat provisionally purchased which closed on Friday, traders said on Saturday.
Commodity funds were net sellers of Chicago Board of Trade corn, soybean, wheat, soymeal and soyoil futures contracts on Friday, traders said.
(Reporting by Emily Chow; Editing by Subhranshu Sahu and Uttaresh.V)
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The Link LonkJanuary 25, 2021 at 11:54AM
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GRAINS-Soybeans, corn extend falls as LatAm rains ease supply worries - Successful Farming
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