Chicago corn and soybean futures edged up while wheat futures fell on Thursday, amid a sharply lower U.S. dollar and production issues.
The most active corn contract for December delivery rose 0.25 cents, or 0.03 percent, to close at 7.57 dollars per bushel. December wheat fell 3.75 cents, or 0.43 percent, to settle at 8. 6925 dollars per bushel. November soybeans gained 19.75 cents, or 1.29 percent, to close at 15.515 dollars per bushel.
According to Chicago Mercantile Exchange (CME), December corn traded mixed on the day and settled nearly unchanged.
Early support was linked to an explosive soybean market and a sharply lower U.S. dollar. Bulls believe the U.S. Department of Agriculture (USDA) may take down the average U.S. corn yield and production next week while bears point to a slow export pace and cheaper South American corn.
Corn saw pressure late in the session as the wheat market sagged lower and after the U.S. Grains Council reported that the 2012 China corn crop may produce 5-6 million tons more than in 2011.
Statistics Canada reported Canadian wheat production at 26.7 million tons in 2012, compared with 26.26 million tons in 2011, but slightly below market expectations. U.S. wheat export sales for the week ending September 27 came in below market expectations, which added a negative bias to the price action.
November soybeans traded sharply higher early in the session but gains eroded into the close and the market closed off session highs, but still in positive territory. The lower U.S. dollar and a relentless export sales pace by the U.S. added to the supportive tone.
Some traders believe despite the possibility of a yield increase in next week's USDA report, the likelihood of increased demand for U.S. soybeans could mean extra supply will not improve this year's stock drastically.