Chicago Board of Trade (CBOT) corn settled higher for its fourth successive trading day on Wednesday.
Wheat extended losses while soybeans rebounded. The most active corn contract for May delivery added 1.25 cents, or 0.35 percent, to close at 3.58 dollars per bushel. May wheat delivery shed 11 cents, or 2.32 percent, to close at 4.63 dollars per bushel. May soybeans gained 3.25 cents, or 0.36 percent, to close at 9.08 dollars per bushel.
The U.S. Department of Agriculture (USDA) released its first crop progress report of 2016 Tuesday afternoon after CBOT closed, rating winter wheat at 49 percent good condition, 10 percent excellent.
Analysts noted that they were both higher than previous year's and showed the winter wheat was in better condition than expected, boosting more supply expectations this summer.
As for the corn, some analysts said that rainy and cool weather in the U.S. South and Midwest delayed corn planting there, extending pressure on corn Wednesday.
The Weekly Ethanol Plant Production Report released Wednesday by the U.S. Energy Information Administration showed that U.S. fuel ethanol output during the week ending April 1 was down 16,000 barrels a day from the previous week to 976,000 barrels a day.
However,the stocks were 22.214 million barrels, lower than previous week's 23.022 million barrels. Analysts noted that soybeans rebounded on higher equity Wednesday, while rain in Argentina, delaying soybean harvest there, was also good for U.S. soybeans.
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