Chicago corn, wheat futures up, soybeans down

CHICAGO, (PNA/Xinhua) — Chicago agricultural commodities closed mixed Tuesday, with corn and wheat rising and soybeans falling.

The most active corn contract for December delivery gained 0.75 cents, or 0.20 percent, to close at 3.7225 dollars per bushel. December wheat gained 4.25 cents, or 0.77 percent, to close at 5. 585 dollars per bushel. November soybean lost 5 cents, or 0.47 percent, to close at 10.5275 dollars per bushel.

U.S. wheat markets have uncovered some short covering as row crops are lower. Soybean futures retreated after weather updates Tuesday showed better-than-expected rains working across eastern Missouri, Illinois and western Indiana.

News is circulating that Ukraine’s flour milling association has asked the government to temporarily halt exports of milling wheat until the full quality of the crop can be better assessed. The organization pegs milling quality wheat at just 3.3 to 4.5 million metric tons. Analysts, however, indicate that this is a seasonal occurrence, and an effort to keep domestic prices in Ukraine low for millers and exporters.

U.S. weather forecast remained favorable. The extended forecast hinges upon a tropical storm to sweep into the Gulf from Aug. 29 to 31, and will then work into the Southeast and far Eastern Corn Belt in the following days.

The Australian forecast has also added light rainfall to Victoria and East New South Wales in late August and early September. Moisture will be needed across Australia’s Western Wheat Belt by mid-September, but Eastern areas have been the driest over last month.