Wheat higher on US rainy weather, soybeans lower, corn little changed

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Monday with wheat continued rising streak on concerns that lingering rains in the U. S. Midwest will delay the harvest, corn futures little changed, while soybeans falling ahead of a critical U.S. crop report.

The most active corn contract for December delivery added 0.25 cents, or 0.06 percent, to close at 4.0225 U.S. dollars per bushel. September wheat delivery gained 15.5 cents, or 2.73 percent, to close at 5.835 dollars per bushel. November soybeans lost 6 cents, or 0.61 percent, to close at 9.8 dollars per bushel.

Chicago wheat futures rallied for a third straight session to a six-month high on Monday, amid widespread speculation that excessive rainfall in the Midwest will damage crops and delay the pace of the harvest.

Soybeans Monday snapped a 2-day rally as funds move to square positions ahead of the U.S. Department of Agriculture(USDA) stocks and seeding crop report due out on Tuesday.

Meanwhile, corn futures were closed mixed on Monday with December corn rising slightly after its three-session winning streak.

The U.S. weekly export inspections released by USDA on Monday showed that soybean inspections through the week ending June 25 totaled 296,860 metric tons, noticeably up more than 66 percent from the prior week, but much lower than a year ago; corn shipments were 1,040,514 tons, down about 6 percent from the previous week; wheat exports totaled 316,515 tons, up 2 percent from the prior week.