Chicago corn futures end lower for third straight session

CHICAGO, July 23 (Reuters) - Chicago Board of Trade corn futures turned lower on Wednesday, extending losses for a third straight session as spread-trading and expectations of a hefty U.S. harvest this autumn continued to weigh on the market, traders said.

• New-crop CBOT December CZ25 ended the day down 1/2-cent at $4.17-1/2 a bushel.

• The United States and Japan struck a deal to lower the hefty tariffs President Donald Trump threatened to impose on goods from its Asian ally that included a $550 billion package of U.S.-bound investment and loans from Tokyo.

• Corn futures tried to claw back Tuesday's losses early in the session, but slumped by mid-afternoon as forecasts for crop-friendly rain in U.S. grain belts and plentiful supply weighed on prices and prompted some traders to reassess their forecast models.

• Several traders said they are paying attention to corn farmers reporting pollination problems in their fields and variability in this year's crop. But it remains uncertain how widespread such production issues might actually be, they said.

• Fund traders, who have significant net short positions in corn, have been opting to sell corn and buy either wheat or feeder cattle futures instead, said Mike Zuzolo, president of Global Commodity Analytics.

• Spot basis bids for corn were mixed in the U.S. Midwest on Wednesday as selling remained slow and industry players kept a close eye on weather in the U.S. crop belts.