U.S. agricultural futures close mixed

CHICAGO, Jan. 4 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Thursday, with corn and wheat rising and soybeans falling.

The most active corn contract for March delivery rose 1.25 cents, or 0.27 percent, to settle at 4.665 U.S. dollars per bushel. March wheat soared 13.25 cents, or 2.21 percent, to settle at 6.135 dollars per bushel. March soybean fell 9.5 cents, or 0.74 percent, to settle at 12.675 dollars per bushel.

Soybean futures sagged to fresh lows as negative mentality regarding future U.S. soybean export demand sparked fresh fund selling. Long-term support for March soybeans is at 12.50 dollars. CBOT wheat values were higher as the Black Sea endured a round of arctic cold that produced winterkill worry. Corn is unable to decline, but few want to chase a rally ahead of the U.S. Department of Agriculture (USDA) Crop Report next week. Chicago-based research company AgResource warns against additional choppiness.

USDA did not announce any new daily export grain sales.

U.S. weekly ethanol production was 308 million gallons, up 24 percent from last year but down 5 percent from the prior week due to the holiday. U.S. ethanol stocks rose 3 million gallons to 991 million gallons, down 4 percent from last year. U.S. gasoline consumption was up 6 percent year on year at 7.95 million gallons per day.

It is wetter across Northern Brazil as the forecast keeps a pattern of near daily showers in place. Drier weather occurs across Southern Brazil and Argentina. Rain in Argentina is enough for early crop development, but greater rain will be required in February and March when corn and soybeans are reproducing.