Chicago corn, soybeans higher on U.S. crop yield uncertainty

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Monday, with corn and soybeans continuing to rise due to worries about the impact of heavy rains in the Midwest on U.S. crop yield, and wheat futures falling on downbeat U.S. export data.

The most active corn contract for December delivery added 6.75 cents, or 1.52 percent, to close at 4.5175 U.S. dollars per bushel. September wheat lost 0.25 cents, or 0.04 percent, to close at 5. 7575 dollars per bushel. November soybeans gained 6.25 cents, or 0. 61 percent, to close at 10.285 dollars per bushel.

Chicago corn futures rallied for a fourth straight session to a 13-month high on Monday, as producers indicated that record heavy rains have really caused significant yield losses. In some localized areas, corn and soy crops have been completely washed away by the rain.

Soybeans on Monday also logged a 4-day rally amid debate and uncertainties about the U.S. summer row crop yield.

Meanwhile, Chicago September wheat fell slightly on a 2-session losing streak on Monday, as the U.S. wheat export inspection was on the low end of trade expectations.

The U.S. weekly export inspections released by the USDA on Monday showed that soybean inspections through the week ending July 2 totaled 134,666 metric tons, down almost 40 percent from the prior week, but still higher than a year ago. Corn shipments were 1,056,558 tons, up more than 12 percent from the previous week, while wheat exports totaled 249,787 tons, down over 32 percent from the prior week and also much lower than last year. Endite