CHICAGO, Jan. 24 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Tuesday, with corn and wheat rising and soybean falling slightly.
The most active corn contract for March delivery rose 10.75 cents, or 1.61 percent, to settle at 6.77 U.S. dollars per bushel. March wheat soared 14.5 cents, or 2.01 percent, to settle at 7.345 dollars per bushel. March soybean fell 1.75 cents, or 0.12 percent, to settle at 14.885 dollars per bushel.
Soybean sagged on long liquidation and the coming harvest of a record large Brazilian soybean crop. The window for an increase in U.S. corn export sales has narrowed from March through mid-June. South America will again become the low price seller to the world.
Chicago-based research company AgResource maintains that U.S. 2022-2023 corn exports are overstated by 100 to 150 million bushels, and doubts that corn and soybean markets can sustain a lasting recovery with another two rounds of rain to drop across Argentina and amid ongoing tepid export demand. This is no place to chase a rally, with March corn resistance at 6.77 to 6.83 dollars and the downside price target for soybean at 14.45 to 14.65 dollars.
There is no way of knowing if China will return from its weeklong holiday with improved commodity demand due to its reopening.
Moderate to at times heavy rain will fall across Argentina from late Wednesday into the weekend. A few dry days follow with another system noted for the northern half of Argentina in the closing days of January and the first day of February. Near normal rain will drop across Northern and Central Brazil, which is ideal for late podding soybeans. There are enough dry slots for Northern Brazilian farmers to advance harvest. Weather forecast leans favorable for South American crop yield and production.
