CHICAGO, May 23 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Monday, with corn and wheat rising and soybean falling.

       The most active corn contract for July delivery rose 7.5 cents, or 0.96 percent, to settle at 7.8625 U.S. dollars per bushel. July wheat gained 21.25 cents, or 1.82 percent, to settle at 11.9 dollars per bushel. July soybean fell 18.25 cents, or 1.07 percent, to settle at 16.87 dollars per bushel.

       CBOT grain futures were mixed with traders taking profits on soybean. Russia's rejection of a Ukraine food corridor leaves the world exceptionally short of cash wheat and corn with July being the month that Black Sea wheat exports seasonally start to ramp up.

       Argentine and Australian wheat export offers have surged to new highs with European Union (EU) offers sitting at a historical high. It is the EU that will fill fresh world wheat demand.

       The price risk in the marketplace is to the upside amid dryness across northern China, Europe and North Central Brazil. Too cool and too wet weather are pushing more than 50 percent of Canadian seeding into June. And U.S. soybean crush and corn ethanol grind margins are near record highs. The world is on the doorstep of a food crisis should U.S. weather be less than favorable in June.

       Chicago-based research company AgResource holds that risk is new highs in corn, soybean and wheat into mid-June, and any setbacks will be temporary.

       U.S. export inspections for the week ending May 19 were 66.9 million bushels of corn, 21.1 million bushels of soybeans and 11.4 million bushels of wheat. The United States has so far shipped out 1,607 million bushels of corn, down 17 percent year on year; 1,803 million bushels of soybeans, down 13 percent; and 723.3 million bushels of wheat, down 21 percent.

       Rumors abound that China booked Brazilian corn in recent days for September/October shipment, and the tonnage involved is estimated at 250,000 to 400,000 metric tons. China is trying to diversify its corn sources.

       It is drier in the Plains, Delta, and Southeast U.S. Cool temperatures prevail this week with heat returning to the Southern Plains next week and into mid-June. A high-pressure ridge is seasonally building across the Southern U.S. Plains which should push northeast into the Western Midwest. Heat looks to be a feature of the Central U.S. weather for the next 45 days.