Chicago Board of Trade (CBOT) grains futures closed mixed on Tuesday with wheat rallying after a two percentage decline in the previous session.
The most active corn contract for May delivery fell 4.75 cents, or 1.30 percent, to 3.6175 dollars per bushel. July wheat delivery climbed 1.25 cents, or 0.29 percent to 4.37 dollars per bushel. May soybeans was down 7.25 cents, or 0.76 percent, to 9.46 dollars per bushel.
As a result of this week’s rainfall, the ground is reportedly pretty wet in the U.S. Corn belt. But meteorologists say there will be five dry days next week, long enough for corn seeding.
The drier weather forecast has sent traders selling corn and soybeans.
On CBOT platform, funds have sold 7,000 contracts of corn and 6,500 contracts of soybeans while being net flat in wheat, which suffered a two percentage loss on Monday.
Still, the mentality of the markets remains bearish amid large U.S. and world supplies. Enditem