Chicago soybeans, corn up; wheat falters on export pressure

Chicago Board of Trade are mixed Tuesday with wheat futures falling further on export pressures, and soybeans extending its rally into a second day on higher soyoil futures.

The most active corn contract for July delivery added 1.5 cents, or 0.42 percent, to close at 3.6275 U.S. dollars per bushel. Wheat for July delivery decreased 6.25 cents, or 1.32 percent, to close at 4.665 dollars per bushel. July soybeans up 8.5 cents, or 0.87 percent, to close at 9.8475 dollars per bushel.

Russia's Agriculture Ministry has proposed lifting a wheat export duty starting from May 15, Interfax news agency reported Tuesday, putting pressure on U.S. wheat as more and cheaper wheat will be available in the market.

Egypt, the top wheat buyer in the world, said on Tuesday it bought Russian and Romanian wheat in its latest deal that totaled 120,000 tonnes, also bearish for wheat.

Meanwhile, Analysts noted the latest The U.S. Department of Agriculture (USDA) data also pressurized wheat. The USDA rated 43 percent of winter wheat as good or excellent, up one percent from the previous week and close to the five-year average of 46 percent. Nearly 75 percent of the spring wheat crop has been planted as of May 3, up from 55 percent in the preceding week.

Soybean rallied Tuesday on higher soyoil futures triggered by talks of rising demand on the export market, analysts said. It is the second day of fund buying in soyoil,the Chicago-based research Institute Agresource said, adding that funds have secured at least 8,500 contracts of soyoil in the early trading session. Endite