Chicago wheat, soybeans retreat on USDA report, corn closing slightly higher

The Chicago Board of Trade (CBOT) wheat and soybeans retreated Wednesday from previous gains while corn closed slightly higher.

The most active corn contract for December delivery added 0.75 cents, or 0.20 percent, to close at 3.69 U.S. dollars per bushel. December wheat delivery lost 2.75 cents, or 0.58 percent, to close at 4.7225 dollars per bushel. November soybeans fell 7.00 cents, or 0.80 percent, to close at 8.7225 dollars per bushel.

Soybeans dropped Wednesday as an official report showed better-than-expected ratings, according to analysts.

The United States Department of Agriculture (USDA) released its weekly Crop Progress Report after the market closed Tuesday, rating soybeans at 63 percent good or excellent till the week of Sept. 6, unchanged from previous week. As the market had been looking for a drop in the rating of soybeans before, the report was viewed as betterr-than-expected and exerted pressure on soybeans.

The report rated corn at 68 percent good or excellent, also unchanged from previous week. However, analysts said corn closed higher as investors expect USDA would trim its production forecast in a monthly report due on Friday.

The report showed that spring wheat harvested till the week of Sept. 6 was 94 percent, higher than both the 88 percent of last week, and the 76 percent average of the past five years. Some said these data showed more supply of wheat, while export demand for U.S. wheat remains poor.