Chicago corn, soybeans fall while wheat rises

Chicago agricultural commodity futures were traded mixed Tuesday, with corn and soybeans prices going down but wheat prices rising on supportive report data. The most active corn contract for December delivery fell 2.5 cents, or 0.55 percent, to close at 4.54 dollars per bushel. December wheat rose 1.75 cents, or 0.27 percent, to settle at 6.43 dollars per bushel. November soybeans fell 5.75 cents, or 0.43 percent, to close at 13.425 dollars per bushel. According to Chicago Mercantile Exchange, the corn market has been expecting a decline in planted acreage for months due to the wet planting season but the U.S. Department of Agriculture (USDA) has failed to adjust this lower in the last several reports. Wheat futures traded higher into the closing bell but finished well within their recent range of valuation. Paris wheat gained overnight on technical buying and support from the U.S. market. Supportive acreage data from Farm Service Agency had the soybean market well supported Tuesday morning but by midday sellers came back, following the lower day of transactions Monday and November soybeans traded down on the day. Soybeans crop condition ratings continue to send a bullish tone into the market although the data suggested the rainfall over the last week stabilized and in some cases improved crop conditions.