Chicago agricultural commodities close mixed


Xinhua General News Service

Chicago Board of Trade (CBOT) grainsfutures settle mixed on Tuesday with soybean futures firmed, recovering from weakness in overnight trading on technical buying amid lingering concerns about weather in key South American growing regions.

The most active corn contract for March delivery fell 1.75 cents, or 0.49 percent, to 3.5825 dollars per bushel. March wheat delivery fell 0.5 cents, or 0.12 percent, to 4.2725 dollars per bushel. January soybeans added 10.5 cents, or 1.06 percent, to 10.0525 dollars per bushel.

Corn eased as traders staked out positions ahead of the release of key U.S. Agriculture Department supply and demand reports on Thursday. Wheatfutures closed mostly lower, but the front-month spring wheat contract rose to a 1-1/2 year high.

Moves in all three commodities were muted as traders were reluctant to make big bets ahead of the reports.

Improving weather forecasts for winter wheat development around the globe added pressure to the grains.

But expectations that the USDA reports will show a sharp cutback in U.S. winter wheat seedings kept the declines in check.

In the outside markets, the Brent crude oil market is 1.08 dollars per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 12 points lower at 19,874 points.

Matt Pierce, Futures International floor trader on the CME Group's floor, says the soybean market is trading supply issues.

"The beans are slightly fired up over Argentina's rains. But overall, there is momentum and ability to stay above 10.00 dollars per bushel, in spite of weaker Chinese crush margins," Pierce says.

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