Chicago corn, soybean dip as wheat rises slightly

Chicago corn and soybean dipped Thursday while wheat rose slightly. The most active corn contract for March delivery dropped 1.5 cents, or 0.22 percent, to close at 6.8925 dollars per bushel. March wheat gained 0.25 cents, or 0.03 percent, to settle at 7.555 dollars per bushel. March soybeans fell 5.75 cents, or 0.41 percent, to close at 13.865 dollars per bushel. Sale pressure dominated corn market Thursday due to a stronger dollar. Meanwhile, crop conditions in Argentina and Brazil remained favorable in the crop year, which has dampened corn. Short covering following the sharp losses on the previous trading prevailed in wheat market, being offset by a higher U.S. dollar. Bearish demand report from Egypt also dampened wheat market. Egypt said it had enough wheat supplies to last until June 17, and its wheat imports are expected to drop to 3.8 million tons, down one million tons from earlier estimates. Soybean traded in bearish mood Thursday after China canceled another 315,000 tons of U.S. soybean purchase for the 2012-13 marketing year. Besides, soybean harvest has begun in Brazil and yields so far have been favorable, making some experts believe that demand will slowly shift to South America as a result of cheaper prices.