Chicago agricultural commodities close mixed after long weekend

Chicago Board of Trade (CBOT) corn, soybeans extended their losses on Tuesday, while wheat rebounded a little after the Independence Day holiday long weekend.

The most active corn contract for December delivery lost 9 cents, or 2.45 percent, to 3.58 dollars per bushel. September wheat delivery added 3.25 cents, or 0.76 percent, to 4.335 dollars per bushel. November soybeans declined 60.25 cents, or 5.30 percent, to 10.7725 dollars per bushel.

Heavy rain fell in the U.S. Midwest during the three-day Independence Day holiday weekend, and the weather forecast favored more rains in the next two weeks. Analysts noted that rain pressed corn and soybeans lower as moisture will help the progress of corn and soybeans, boosting expectations of more corn and soybeans supplies this Autumn.

However, the rains favored wheat futures on Tuesday as rains will delay the winter wheat harvest.

In addition, short covering after wheat plunged to a 10-year low on massive stocks and winter wheat harvest also helped wheat's recovery, according to analysts. Endit