Chicago agricultural commodity futures were traded mixed Wednesday, with corn and soybeans prices down while the wheat price up.
The most active corn contract for July delivery fell 2.5 U.S. cents, or 0.48 percent, to settle at 5.19 dollars per bushel. July wheat gained 5 cents, or 0.70 percent, to settle at 7.215 dollars per bushel. July soybeans fell 4.5 cents, or 0.30 percent, to close at 15.1275 dollars per bushel.
Wheat closed just shy of its highest close in a year as a wheat quality tour witnessed increasing signs of drought in western Kansas. Corn and soybeans dropped after the U.S. Energy Department reported a lower rate of ethanol production last week and significantly lower biodiesel production in January.
Warmer and drier conditions were forecast beginning this weekend in the southern and central U.S. Corn Belt, which will provide U.S. farmers with good opportunities to catch up on spring seedings that were off to a slow start, market analysts say.