Chicago agricultural commodities closed mixed Wednesday, with soybean posting sharp losses, wheat reporting sharp gains and corn caught in between.

The most active corn contract for May delivery rose 5.25 cents, or 1.09 percent, to close at 4.885 dollars per bushel. May wheat gained 24.75 cents, or 3.76 percent, to close at 6.8375 dollars per bushel. May soybeans dropped 26 cents, or 1.84 percent, to close at 13.87 dollars per bushel.

Funds were busy liquidating soybean and securing wheat and corn Wednesday, and the transaction was active.

Brazil's official crop supply agency CONAB Wednesday put Brazil 's soybean crop estimate at 85.4 million tonnes, lower than 88.5 million tonnes projected by U.S. Department of Agriculture (USDA) Monday. CONAB also adjusted down Brazil's corn crop estimate to 75. 2 million tonnes, as against USDA's estimate of 70 million tonnes.

Weekly ethanol production was less than expected with corn usage falling to its lowest level since the New Year holiday. Ethanol inventories also declined.

Wheat rose sharply Wednesday on talks that U.S. 2014 wheat production would be 437 million bushels, down from 565 million bushels in 2013. U.S. January winter grain planting report pegged U.S. soft red winter (SRW) wheat acreage at 8.44 million acres, down 16 percent from 2012.

Widespread rumors have it that China is rolling another 10-12 cargoes of soybean sales forward from May and June to July and August. Market analysts hold that China is doing whatever it can to postpone supply and avoid the negative crush margins and supply indigestion. The cancelations and postponement of demand are likely to reduce China's 2013-2014 soybean imports by 1.5-3 million tonnes.

Chicago Board of Trade (CBOT) announced Wednesday that with the approval of Commodity Futures Trading Commission (CFTC), it will implement new price limits for grain futures on May 1, 2014. The futures limits will be set twice a year on May 1 and Nov. 1, and the limits can rise and fall depending on market values during the ensuing period. Endite