After spending much of the day in the red, corn and wheat futures managed to turn higher late in Tuesday's session, leaving soybeans the only grain to finish lower.

At the close, December corn futures were 7 1/4 cents higher at $6.54 1/4 per bushel while December wheat was 1 3/4 cents higher at $6.30. January soybeans ended the day 15 1/4 cents lower at $11.92 1/4 per bushel, according to Barchart.com.

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The corn rally occurred in just the last half-hour of trading Tuesday, as some analysts say the MF Global bankruptcy situation caused the liquidation of short positions. But, traders also say estimates ahead later this month of the 2011 corn and soybean crop sizes are also starting to be put into play as well.

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• Talk: MF Global bankruptcy situation