Chicago agricultural commodities closed mixed Wednesday with corn and wheat rising, and soybeans falling.
The most active corn contract for December delivery rose 0.5 cent, or 0.13 percent, to close at 3.715 U.S. dollars per bushel. Soybean contract for November delivery fell 13.75 cents, or 1.26 percent, to close at 10.8125 dollars per bushel. The most active wheat contract for September delivery rose 7.25 cents, or 1.39 percent, to close at 5.2725 dollars per bushel.
Traders started to sell soybeans aggressively after next week's rainfall is almost certain, while rallies remain hard fought with improved August weather forecast. Wheat futures bounced back due to short covering.
Analysts note that the U.S. weather forecast is nearly perfect for soybean development. Should the forecast be unchanged by Sunday, they expect new contract lows in November soybeans next week.
The weekly U.S. ethanol report was deemed slightly bullish. The report of Energy Information Administration (EIA) showed that U.S. ethanol production is 954,000 barrels per day, which would consume an estimated 100 million bushels of corn, higher than market expectation.