Chicago corn, soybean futures prices rebound on wet weather, wheat extends losses

Chicago Board of Trade (CBOT) corn, soybeans futures rebounded Wednesday because unexpected wet weather raised new concerns that rains may hurt production, while wheat extended losses on worsening export performance.

The most active corn contract for December delivery added 1.25 cents, or 0.29 percent, to close at 4.3425 U.S. dollars per bushel. September wheat delivery fell 7.75 cents, or 1.32 percent, to close at 5.775 dollars per bushel. November soybeans gained 2.5 cents, or 0.25 percent, to close at 9.8825 dollars per bushel.

Wet weather is again being discussed in some areas of U.S. Midwest, with more rainfall for Thursday and Friday, and CBOT floor trading brokers reported that funds are net buyers of 6,500 contracts of corn and 3,400 contracts of soybeans before midday, according to AgResource, a Chicago-based agricultural commodity research firm.

Analysts said that the rains renewed concerns that excessive rainfall may hurt production of corn and soybean, which was supportive to corn and soybean.

Wheat was pressed from worsening export performance, especially when there were news on the market that Egypt, the top buyer of wheat in the world, bought 180,000 metric tonnes of Russian and Ukrainian wheat, analysts said.