CHICAGO, Jan. 27 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn rising slightly and wheat and soybean falling.
The most active corn contract for March delivery rose 0.5 cents, or 0.07 percent, to settle at 6.83 U.S. dollars per bushel. March wheat fell 2.5 cents, or 0.33 percent, to settle at 7.5 dollars per bushel. March soybean shed 14 cents, or 0.92 percent, to settle at 15.095 dollars per bushel.
Soybean futures edged lower on the prospect of improved Brazilian hedge pressure due to expanding harvest. For the second week in a row, Argentine crops are getting a good dosing of rain. South American crop sizes are rising.
Chicago-based research company AgResource maintains that it is tough to be bullish of 15.25 dollars for spot soybean futures when Brazil is harvesting a record large soybean crop. CBOT corn will struggle against 6.90 to 7.00 dollars while the wheat rally will end. AgResource suggests selling rallies.
U.S. Department of Agriculture (USDA) did not release any fresh daily U.S. export sales of corn, soybean or wheat Friday. AgResource doubts that China will secure large new amounts of U.S. soybeans or corn.
South Korea and most of Southeast Asia continue to book feed wheat, from Australia in most cases. AgResource fears that feed wheat will steal U.S. corn export potential prior to Brazil becoming a large seasonal exporter in June.
There is a daily chance of rain somewhere throughout Argentina next week. Near normal rain falls across most of Brazil.
