Chicago agricultural commodities futures closed mixed Tuesday, with corn and wheat rising and soybean dropping.
The most active corn contract for July delivery rose 8.25 cents, or 1.67 percent, to close at 5.02 dollars per bushel. July wheat gained 4 cents, or 0.59 percent, to close at 6.795 dollars per bushel. July soybeans lost 16.5 cents, or 1.11 percent, to close at 14.7075 dollars per bushel.
Corn rose Tuesday on short covering as well as on worries that U.S. corn seeding will be delayed by wet weather. Wheat rose on the heels of corn.
Soybeans were under great selling pressure Tuesday. Rumor has it that China will restart its weekly soybean reserve auction on May 6, with the initial offering of 3 million tonnes. Prior auctions usually started in June.