Chicago Board of Trade (CBOT) grains closed mixed on Monday with wheat gaining more than one percent due to short-covering.
The most active corn contract for December delivery fell 0.25 cent, or 0.07 percent, to 3.48 dollars per bushel. December wheat delivery rose five cents, or 1.17 percent, to 4.3075 dollars per bushel. January soybeans went up 7.25 cents, or 0.73 percent to 9.94 dollars per bushel.
CBOT floor brokers reported that funds bought 3,400 contracts of corn, 2,900 contracts of wheat and 3,200 contracts of soybeans.
The U.S. Agriculture Department (USDA) is to release its monthly crop supply and demand report on Thursday. According to traders' common expectation, USDA will probably cut U.S. soybean crop estimate while lifting the corn crop. This pushed up the soybean prices while dragging down the corn futures.
Analysts said short-covering played a major role in the sharp rally of CBOT wheat on Monday.
News that Iraq bought 300,000 metric tons of hard-red winter wheat last week also boosted the rise of wheat futures.
The most active corn contract for December delivery fell 0.25 cent, or 0.07 percent, to 3.48 dollars per bushel. December wheat delivery rose five cents, or 1.17 percent, to 4.3075 dollars per bushel. January soybeans went up 7.25 cents, or 0.73 percent to 9.94 dollars per bushel.
CBOT floor brokers reported that funds bought 3,400 contracts of corn, 2,900 contracts of wheat and 3,200 contracts of soybeans.
The U.S. Agriculture Department (USDA) is to release its monthly crop supply and demand report on Thursday. According to traders' common expectation, USDA will probably cut U.S. soybean crop estimate while lifting the corn crop. This pushed up the soybean prices while dragging down the corn futures.
Analysts said short-covering played a major role in the sharp rally of CBOT wheat on Monday.
News that Iraq bought 300,000 metric tons of hard-red winter wheat last week also boosted the rise of wheat futures.
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