Chicago wheat, soybeans fall while corn rises

Chicago agricultural commodity futures were traded mixed Wednesday, with wheat and soybeans prices down while the corn price up on positive Ethanol production data. The most active corn contract for July delivery rose 7.75 U.S. cents, or 1.18 percent, to close at 6.645 dollars per bushel. September wheat fell 8 cents, or 1.17 percent, to settle at 6.77 dollars per bushel. November soybeans fell 2.5 cent, or 0.2 percent, to close at 12.76 dollars per bushel. July corn traded higher on the day while the December contract managed to close near the unchanged level, according to Chicago Mercantile Exchange. The Ethanol production data, released Wednesday by U.S. Department of Agriculture (USDA), was supportive to the old crop market. Production for the week ending June 21 averaged 885,000 barrels per day, up 1.4 percent and 0.25 percent compared with last week and last year respectively. The total ethanol production for the week was 6.2 million barrels. Corn used in last week's production was estimated at 92. 90 million bushels. This crop year's cumulative corn used for ethanol production is 3.6 billion bushels. Corn use needs to average 95.5 million bushels per week to meet this crop year's USDA estimate of 4.6 billion bushels. Wheat futures sank lower for most of the session on hedge pressure and technical selling. The market continues to trade off on reports that the Chicago wheat production can rise from the current USDA estimates and reports surface of better than expected yields in wheat growing regions of the United States. For soybeans, November soybeans settled in negative territory on the day. Strong cash bids in export and processing markets helped to support the July contract. The new crop market has a mixed market bias ahead of an acreage report to be released on Friday.