Chicago agricultural commodities close mixed

Chicago Board of Trade (CBOT) wheat rebounded slightly on Tuesday, while corn retreated and soybeans declined on a stronger U.S. dollar.

The most active corn contract for July delivery was down 0.25 cents, or 0.06 percent, to close at 3.975 dollars per bushel. July wheat delivery added 2 cents, or 0.43 percent, to settle at 4.64 dollars per bushel. July soybeans declined 3.75 cents, or 0.35 percent, to close at 10.5475 dollars per bushel.

Corn failed to hold early gains and settled slightly lower as the U.S. dollar showed strength. Analysts noted that a stronger greenback usually puts pressure on U.S. commodities as a stronger dollar makes them more expensive to other currency buyers.

The U.S. Department of Agriculture (USDA) said in its weekly crop progress report released on Monday after the market closed that the United States has planted 86 percent corn during the week of May 22, less than previous year's 90 percent, but slightly 1 percent higher than previous five-year average.

Wheat rebounded on short covering after it shed for fourth successive trading days. CBOT floor brokers estimated that funds have bought 6,000 contracts of wheat in the morning session, AgResource, the Chicago-based agriculture consultancy, reported in its daily commentary.

The USDA's weekly crop progress report rated 62 percent of winter wheat at excellent or good condition, unchanged for previous week but 17 percent higher than previous year.

Spring wheat emerged was rated at 78 percent, 2 percent lower than previous year but 27 percent higher than previous five year average.

Soybeans also edged down on a strong dollar. Additionally, the lower of soybean meal also pulled down soybeans.

As for the soybeans, the USDA report said 56 percent of soybeans were planted, unchanged from previous year, but 4 percent higher than previous five-year average. Endit