Chicago corn, wheat futures down while soybeans up

Chicago agricultural commodity futures were traded mixed Wednesday, with corn and wheat prices down while soybeans price up. The most active corn contract for July delivery fell 6.25 U.S. cents, or 1.23 percent, to settle at 5.035 dollars per bushel. July wheat lost 14.5 cents, or 2.04 percent, to settle at 6.9525 dollars per bushel. July soybeans rose 21.25 cents, or 1.43 percent, to close at 15.0875 dollars per bushel. Soybean futures rallied for the third day in a row to reach a nine-month high. Statistics show, soybeans posted their highest close since July 2013, spurred by Tuesday's bullish crush numbers and better-than-expected first-quarter growth data of China. July corn closed lower with a possibility of producer selling at prices near their highest levels in seven months, while wheat gave back much of Tuesday's gains with chances for light rain in the five-day forecast for southwestern U.S. plains. Traders say, wheat gave up over 2 percent on expectations for a turn to better weather in the plains following a cold, dry winter. Warming temperatures will lower the possibility of winterkill facing the soft wheat crop in the Midwest and the hard wheat in the plains.