Chicago corn, soybeans lower, wheat higher on USDA report

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Tuesday with corn and soybeans falling, wheat rising as the U.S. Department of Agriculture (USDA) cut its outlook for wheat stocks.

The most active corn contract for May delivery lost 0.75 cents, or 0.19 percent, to close at 3.88 U.S. dollars per bushel. Wheat for May delivery added 3.25 cents, or 0.66 percent, to close at 4. 9325 dollars per bushel. May soybeans dropped 8.75 cents, or 0.88 percent, to close at 9.845 dollars per bushel.

Wheat futures rose for a third straight session as the USDA lowered U.S. wheat ending stocks for 2014/15 market year by 1 million bushels for rising domestic use in its monthly supply and demand report released on Tuesday.

The government also cut its outlook for domestic end stocks of corn for the 2014/15 crop year to 1,777 million bushels, compared to 1,827 million bushels in February, somewhat supporting corn futures.

Meanwhile, the same report left U.S. soybean balance sheet unchanged. Chicago soybean futures, however, came under pressure from world soybean stocks being record large at 89.53 million tons, up nearly 300,000 metric tons from last month.

Additionally, the surging dollar also pressured CBOT corn, wheat and soybean futures on Tuesday. Fears over Europe and the prospects of rising U.S. interest rates pushed the greenback to multi-year highs, weighing on dollar-denominated commodities including agricultural commodities. Endite