Chicago soybeans, wheat up on short covering

Chicago Board of Trade (CBOT) soybeans and wheat futures rose sharply Monday on short covering.

The most active corn contract for July delivery gained 6.75 cents, or 1.91 percent, to close at 3.60 U.S. dollars per bushel. September wheat delivery added 13.50 cents, or 2.74 percent, to close at 5.06 dollars per bushel. July soybeans up 18 cents, or 1. 85 percent, to close at 9.895 dollars per bushel.

Wheat and soybean witnessed additional short covering on Monday. CBOT floor brokers reported that funds have bought 4,300 contracts of wheat and at least 9,000 contracts of soybeans before midday, according to Agresource, a Chicago-based Institute.

Analysts attributed the short covering to the heavy rains in the Midwest of the United States which may hurt the products of wheat and soybean.

The U.S. Department of Agriculture said Monday in its weekly crop progress report that in the week ended June 21, in the selected 18 States, 90 percent of the soybeans were planted, slightly higher than last week's 87 percent but lower from 95 percent of 2014-2015 average, and 84 percent of soybeans emerged, lower than 87 percent of 2014-2015 average. Soybean condition also turned worse, with only 11 percent rated as excellent and 56 percent rated as good, comparing to 14 percent and 58 percent of previous year respectively. In the same report, 19 percent of the winter wheat was harvested, compared to 31 percent of 2010-2014 average. Corn conditions also deteriorated in the week ended June 21, according to the report, which showed that only 14 percent of corn was rated excellent, compared to 18 percent of previous year. Endite