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Chicago soybeans, corn higher on buying, wheat lower slightly

Xinhua, June 17, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Tuesday with soybeans and corn futures rising sharply on short-covering, wheat falling slightly.

The most active corn contract for July delivery added 5.75 cents, or 1.65 percent, to close at 3.54 U.S. dollars per bushel. July wheat delivery lost 0.5 cents, or 0.1 percent, to close at 4. 8875 dollars per bushel. July soybeans gained 19.75 cents, or 2.11 percent, to close at 9.575 dollars per bushel.

Chicago soybeans bounced up off their recent declines on Tuesday by jumping more than 2 percent, as fund short covering supported the prices as seeding progress is still lagging in Kansas and Missouri due to rains.

July Corn also snapped its five session losing streak Tuesday amid heavy rains. The Central US midday weather forecast calls for the remains of Tropical Storm Bill to ride through the Eastern Plains and into Arkansas and Missouri, as well as the southern half of Illinois. The heavy rainfall with the system will be largely dropped over the Eastern Plains with amounts for Missouri, Illinois and Indiana to range from 0.5 to 2.50 inches,according to the Global Forecast System..

"We doubt that November soybeans can expand the rally much above 9.20 U.S. dollars and with the Central U.S. weather forecast looking drier and warmer for next week," said AgResource company, a Chicago-based agricultural research institute, "There is plenty of time to still plant soybeans in Missouri and Kansas due to abundance of soil moisture and their southerly more location."

July wheat slipped slightly on Tuesday for its fifth straight session losses, to its new lows in June, as harvest lies ahead for wheat. Endite