Chicago soybeans, wheat rise on yields concerns; corn lower

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Tuesday with corn falling slightly, wheat and soybeans edging higher on concerns that the U. S. government might cut its outlook for wheat production and soybeans stocks.

The most active corn contract for July delivery lost 0.25 cents, or 0.07 percent, to close at 3.65 U.S. dollars per bushel. July wheat delivery added 4.25 cents, or 0.80 percent, to close at 5. 3225 dollars per bushel. July soybeans gained 7.25 cents, or 0.77 percent, to close at 9.515 dollars per bushel.

Traders are awaiting the next monthly crop supply and demand report from the U.S. Department of Agriculture(USDA) for updates on U.S. production and ending stocks.

"Traders appear to be willing to hold onto short corn bets more than either soybeans or wheat. The WASDE is expected to trim their 2014/15 U.S. corn export estimate on Wednesday with resulting higher 14/15 U.S. corn end stocks. U.S. soy stocks could be trimmed with July seeing much of the fund short covering."said AgResource company, a Chicago-based agricultural research institute.

The weather forecast predicts more local showers in the central grain plains later this week and early next week, also bolstering wheat and soybeans. Endite