Soybean rebounds as soy oil rises, corn, wheat down on rains

Chicago Board of Trade corn, wheat futures closed lower on Monday on forecasts for rains across the U. S. plains this week, while soybean rebounded as soyoil rallied sharply on talks of rising demand on the export market.

The most active corn contract for July delivery lost 1.75 U.S. cents, or 0.48 percent, to close at 3.6125 dollars per bushel. Wheat for July delivery decreased 1.25 cents, or 0.26 percent, at 4.7275 dollars per bushel. July soybeans added 11.5 cents, or 1.19 percent, at 9.7625 dollars per bushel.

Corn and wheat edged lower as much-needed rains are forecast to sweep across the U.S. Midwest this week, helping the winter wheat crop through its last development phase and beneficial to the newly seeded crop, weighing on the two grains' prices.

Soybean rebounded sharply amid active fund buying of soyoil. CBOT floor brokers reported buying of at least 8,000 futures contracts of soyoil in the early session as it is rumored that some big importer is bidding soyoil, according to AgResource Company, a Chicago-based Agriculture research institute.

Additionally, transportation and crush workers' strike last week in Brazil and Argentine also aided soybeans on Monday.