Chicago corn, soybeans rebound on short covering; wheat extends losses

Chicago Board of Trade (CBOT) corn, soybeans rebounded on short covering Monday, while wheat extended losses to open the week.

The most active corn contract for March delivery added 5 cents, or 1.36 percent, to settle at 3.7225 U.S. dollars per bushel. March wheat delivery shed 3.5 cents, or 0.73 percent, to close at 4.755 dollars per bushel. January soybeans advanced 8 cents, or 0.92 percent, to close at 8.81 dollars per bushel.

For the month, based on the most-active contracts, corn, wheat and soybeans lost 2.62 percent, 8.91 percent and 0.54 percent respectively.

Analysts said corn and soybeans rallied on short covering after their Friday losses. Corn, soybean and soy product futures have enjoyed an increase in fund demand Monday morning, the Chicago-based independent consultancy AgResource said in its daily commentary on Monday.

According to AgResource, funds have been buyers of 6,000 contracts of corn, 4,500 contracts of soybeans before midday.

While wheat faced some pressure as rains in the Midwest ease winter wheat worries, according to analysts.

Additionally, the wheat export turned weaker in the week of Nov. 19, according to the Weekly Export Sales Report released by the U.S. Department of Agriculture on Friday, which said that the delivery of wheat was down 58 percent from the previous week and 23 percent from the prior four-week average. Endit