U.S. agricultural futures close mixed

CHICAGO, Feb. 1 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Monday, with corn rising and wheat and soybean dropping.

The most active corn contract for March delivery rose 2.25 cents, or 0.41 percent, to settle at 5.4925 U.S. dollars per bushel. March wheat shed 12 cents, or 1.81 percent, to settle at 6.51 dollars per bushel. March soybean lost 4.75 cents, or 0.35 percent, to close at 13.6525 dollars per bushel.

Corn, soybean and wheat futures retreated as the market was in need of a correction following last week's gain. The bears cite the coming China's Lunar New Year holiday on Feb. 12 and Brazil's start of the soybean harvest in two to three weeks as reason for the softness, Chicago-based research company AgResource noted.

U.S. Department of Agriculture (USDA) export inspection shows that for the week ending Jan. 28, the United States exported 43.4 million bushels of corn, 65.8 million bushels of soybeans and 14.6 million bushels of wheat.

For respective crop years to date, the United States has exported 782 million bushels of corn, up 84 percent year on year; 1,736 million bushels of soybeans, up 77 percent; and 608 million bushels of wheat, down one percent. Both U.S. soybean and corn exports are record large for their crop years to date.

China imported 36.4 million bushels or 54 percent of U.S. soybeans of the weekly total. China remains active in seeking U.S. grains on weakness, AgResource said.

Weather forecast shows it will be wetter in Mato Grosso and Eastern Central Brazil into Feb. 11, a time when dry weather is wanted for the harvest. A dry forecast is offered for the entirety of Argentina and most of RGDS in Southern Brazil. Parana and Mato Grosso do Sul will see near average rainfall totals.

As there is no evidence of demand rationing either domestically or in trade, AgResource doubts additional weakness in corn, soy or wheat futures, holding there will be chart-based support for corn at 5.35 dollars, 13.40 dollars for March soybeans and 6.15 dollars for March wheat.