Chicago agricultural commodities mixed

Chicago agricultural commodities closed mixed Monday, with corn and wheat posing big losses while soybean gaining slightly.The most active corn contract for December delivery lost 5.75 cents, or 1.13 percent, to close at 5.035 dollars per bushel. September wheat shed 11.5 cents, or 1.69 percent, to settle at 6. 695 dollars per bushel.Drawstring Backpack November soybeans rose 6.5 cents, or 0.52 percent, to close at 12.6375 dollars per bushel.Despite U.S. Department of Agriculture (USDA) report that U.S. private exporters sold 120,000 tonnes of corn to China, December corn closed lower Monday on near-term favorable weather outlook for corn's pollination. Meanwhile, Ukraine and Brazil are selling corn at sharp discounts,carbon prepreg dimming U.S. corn export outlook in 2013- 14. Export inspections showed that corn shipment for the week ending July 11 was 16.3 million bushels, up from 8.2 million bushels the week prior. The cumulative shipment pace of corn is at 87 percent of the USDA forecast,Banner Pen as against a 5-year average of 83 percent. Market analysts expect the quality rate of corn crop steady at 68 percent. 

September wheat dropped sharply Monday as wheat prices have recently dropped in Russia and Europe with fresh supply hitting the market. Wheat shipments for the week ending July 11 were estimated at 24.5 million bushels, down from 25.6 carbon platemillion bushels the week prior. The cumulative shipment pace of wheat is at 12.5 percent of the USDA forecast, as against a 5-year average of 11 percent.November soybean closed higher Monday on strong domestic processing market in the U.S. Shipments of soybean for the week ending July 11 were estimated at 3.7 million bushels, up from 2.5 million bushels the week prior. The cumulative shipment pace of soybean is at 97 percent of the USDA estimate, as against a 5-year average of 92 percent. Besides, the National Oilseed Processors Association (NOPA) put June crush estimate at 119.05 million bushels,tapered roller bearing higher than traders' estimate of 115-117 million bushels. Soybean oil stocks were estimated at 2.3 billion pounds, a bit lower than 2.469 billion pounds in May. Market analysts expect the quality rate of soybean steady at 67 percent.