Corn, soybeans head Midwest grain report

CHICAGO, Aug. 27 (UPI) -- Corn and soybeans rallied to finish up for the day on the Chicago Board of Trade Wednesday.

Wheat and oats both closed lower.

Corn gained sharply on wheat and generally kept pace with modest gains in soybeans.

Spreaders were actively buying corn and selling wheat early in the session and this continued as both markets moved lower

Rains moved through Iowa and Minnesota Wednesday and the remnants of Tropical Storm Fay brought good coverage to southern and eastern Ohio. Further rain is forecast in the central corn belt Thursday.

Corn futures for December delivery was up 2 o 5.96 and soybean futures were up 3 1/3 to 13.48. Wheat was down 28 3/4 at 8.25 3/4 and oats trailed 4 1/2 at 3.68 1/2.

. The prices:

Corn: Sep 5.77 1/2, up 2 1/4; Dec 5.96, up 2, Mar 6.15 up 1/1/2; May 6.27 3/4, up 1 2/4.

Soybeans: Sep 13.48, up 10 1/2; Nov 13.48,up 3 1/2; Dec 13.65, up 3, Jan 13.77, up 1/14.

. Wheat: Sep 8.02 3/4, off 27 3/4, Dec 8.25, off 28 1/4, Mar 8.49 1/4, off 29; May 8.64 off 29 1/4.

Oats: Sep 3.50 off 4 3/4; Dec 3.58, off 4 1/2; Mar 4, 3.86 off 5; May 34.08, off 4.