Chicago soybeans extend losses to more than 5 year low, corn, wheat higher

Chicago Board of Trade (CBOT) soybeans extended losses to more than 5 year low on Wednesday, while wheat rebounded slightly and corn settled higher.

The most active corn contract for December delivery gained 1.25 cents, or 0.33 percent, to close at 3.785 U.S. dollars per bushel. December wheat delivery added 1.25 cents, or 0.25 percent, to close at 5 dollars per bushel. November soybeans lost 10.75 cents, or 1.19 percent, to close at 8.935 dollars per bushel.

Analysts said that soybeans have been pushed Wednesday to new contract lows since October 2009 as more rains are expected in the U.S. Midwest, and analysts trusted that rains will help boost soybean yields as August weather is critical for determining the size of the U.S. soybeans.

Corn was lifted by an influential crop tour's press release, said analysts.

The Pro Farmer Midwest Crop tour released a press release on Wednesday, saying that Indiana samples resulted in an average corn yield of 142.94 bushels per acre, lower than the 158 bushels per acre set by the U.S. Department of Agriculture (USDA). While in Nebraska, the tour participants saw corn yields at 165.16 bushels per acre, also lower than USDA's current estimate of 187 bushels per acre.