Chicago wheat, soybeans, corn rebound after previous slump

Chicago Board of Trade (CBOT) agricultural commodities closed all higher Tuesday after regaining their footing from a sharp fall Monday.

The most active corn contract for December delivery added 2 cents, or 0.52 percent, to close at 3.855 U.S. dollars per bushel. September wheat delivery gained 8.25 cents, or 1.64 percent, to close at 5.1075 dollars per bushel. November soybeans rallied 11.5 cents, or 1.23 percent, to close at 9.4475 dollars per bushel.

Chicago corn snapped its 2-day losing streak Tuesday following a previous sharp decline triggered by funds cutting the length in corn amid favorable Midwest weather forecasts with rains falling across the drier areas.

Meanwhile,soybeans and wheat found more buying interest on short covering following a continuous decline in recent sessions.

Up to Monday, Chicago corn fell by more than 15 percent from its 13-month high on July 13, while September wheat and November soybeans were down about 18 percent and 10 percent since late June, respectively.

Later Monday afternoon, the U.S. Department of Agriculture ( USDA) said the condition of U.S. corn through the week ending July 26 improved slightly from the prior week, but still well below the level seen last year.

For soybeans, the crop condition were almost unchanged from the previous week, and also below a year ago, according the USDA. And 85 percent of the U.S. winter wheat crop has been harvested, higher than an 80 percent average of the last five years.