Chicago agricultural commodities close mixed

Chicago Board of Trade (CBOT) grains futures closed mixed Wednesday, with wheat and corn futures rising slightly while soybean prices falling.

The most active corn contract for December delivery added 1.75 cents, or 0.53 percent, to 3.3175 dollars per bushel. December wheat delivery rose 2 cents, or 0.5 percent, to 4.03 dollars per bushel. November soybeans edged down 1.25 cents, or 0.13 percent, to 9.4275 dollars per bushel.

Corn prices rose after dropping sharply in the previous session, buoyed by rainfall in the U.S. Midwest which has prevented some farmers from getting into fields to harvest the grain.

Wet weather also is expected to douse the Farm Belt next week, with forecasts for regular showers sparking concerns that above-normal precipitation will stall the progress of the nation's combines.

Wheat prices also advanced after falling on Tuesday, bolstered by a weaker dollar and short-covering by investors. Prices for the grain brushed 10-year lows in August, prompting some investors to cast off bets on falling prices amid speculation the market has fallen far enough.

Uncertainty about Argentina's plans for soybean exports limited the decline in soy futures.

Argentina's government is mulling over postponing a tax cut planned for next year on soy exports, cabinet chief Marcos Pena said on Tuesday, as a recession in Latin America's third largest economy eats into fiscal revenue.

Markets slumped earlier this week after the U.S. Department of Agriculture increased its estimate of a record-large U.S. soybean yield by more than expected. The USDA also forecast a record-large U.S. corn crop this year. Endit