CHICAGO, Dec. 6 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn and wheat falling and soybean rising.
The most active corn contract for March delivery fell 3.25 cents, or 0.51 percent, to settle at 6.3725 U.S. dollars per bushel. March wheat lost 10 cents, or 1.35 percent, to settle at 7.29 dollars per bushel. January soybean rose 17.25 cents, or 1.2 percent, to settle at 14.55 dollars per bushel.
CBOT January soybean rallied on massive buying and traded through its 100-day moving average on soymeal strength, with next resistance perched at 14.78 dollars. Wheat continued to sag on a lack of pushback in the global market.
March Chicago wheat may have to fall to 7.20 dollars for a secondary seasonal low. Chicago-based research company AgResource sees U.S. wheat futures as undervalued relative to fundamentals.
U.S. Department of Agriculture (USDA) announced U.S. exporters sold 240,000 metric tons of soybeans to unknown destination and 264,000 metric tons to China on Tuesday.
U.S. corn exports in October totaled 82 million bushels, as against 104 million bushels in September, slightly below expectations. U.S. corn is noncompetitive in the world market.
There will be limited rain for Argentina into Dec. 15. Weather forecast for Brazil is drier for RGDS with adequate rains for Central and Northern Brazilian crop areas. Brazil is on track to produce a record soybean crop of 150 million metric tons.
