Chicago agricultural commodity futures traded mixed Tuesday, with corn and soybeans prices going up while wheat price went down on selling pressure.
The most active corn contract for December delivery rose 14.5 cents, or 2.7 percent, to close at 5.551 dollars per bushel. July wheat fell 3.75 cents, or 0.54 percent, to settle at 6.9375 dollars per bushel. July soybeans rose 33 cents, or 2.24 percent, to close at 15.0925 dollars per bushel.
According to Chicago Mercantile Exchange (CME), corn market traded sharply higher on the day. Heavy rainfall for areas of Northern Illinois, Iowa, and Missouri has kept planters sidelined with more showers on the way in the 5-day forecast.
Wheat futures traded lower for most of the session with a significant amount of selling showing up at the midpoint of the day. European wheat futures finished the day slightly higher as traders monitor weather conditions both in the U.S. and internationally.
Also for wheat, traders noted that conditions remain favorable in Germany and France but the UK continues to struggle. Southeastern Australia will see additional rainfall this week and the forecast for the Black Sea is trending wetter for next week, which is critical to the potential crops production.
The soybean market started the session with only marginal gains but by midday the July contract pushed to new highs and ended the day up over 30 cents. November soybeans traded to their highest level since Feb. 22. The U.S. Department of Agriculture announced Tuesday morning that U.S. private exporters sold 120,000 tonnes of soybeans to China for the 2013-14 marketing year.