Chicago soybean, corn futures down, wheat up

CHICAGO, Aug 2 (Xinhua) :  Chicago agricultural commodities closed mixed yesterday with corn and soybeans falling amid rising wheat.

The most active corn contract for December delivery fell 4.75 cents, or 1.29 per cent, to close at 3.6225 US dollars per bushel. Soybean contract for November delivery fell 23.5 cents, or 2.17 per cent, to close at 10.585 dollars per bushel. The most active wheat contract for September delivery rose 4 cents, or 0.75 per cent, to close at 5.3425 dollars per bushel.

Corn and soybeans moved lower amid wet and cool weather, while wheat market rallied on short covering and the exiting of old wheat/soy and wheat/corn spread contracts. Volume has been moderate with funds on the sell side of corn and moderate buying of wheat.

The weather forecast is wetter for next week as rain falls throughout the US into Aug. 14. No area will entirely miss the rain and there are enough chances for additional rain to allow the entire area to be well watered. The 11-to-15-day forecast has rains across the Delta and southern and east Midwest. The rains are expected to boost soil moisture at a critical time for the US soybean crop with no extreme heat in sight.

Some analysts believe that the outlook for US corn and soybeans remains bearish, unless the weather forecasts bust this weekend.