U.S. agricultural futures close mixed

CHICAGO, Jan. 5 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn and soybean falling and wheat rising.

The most active corn contract for March delivery fell 5.75 cents, or 1.23 percent, to settle at 4.6075 U.S. dollars per bushel. March wheat rose 2.5 cents, or 0.41 percent, to settle at 6.16 dollars per bushel. March soybean lost 11.25 cents, or 0.89 percent, to settle at 12.5625 dollars per bushel.

Corn and soybean futures has sagged as slow U.S. weekly export sales sparked new selling in the row crops. A bearish tone hangs across the CBOT on the inability of corn and soybean rallies to be sustained. The market is searching for additional demand to produce a bottom.

March soybeans are heading for key chart support at 12.50 dollars. Traders will be watching to see if China books Brazilian soybeans prior U.S. Department of Agriculture (USDA) Crop Report due out next Friday. Chicago-based research company AgResource holds that rallies are short covering tied to falling supplies.

USDA did not announce any new daily export grain sales. China booked just one cargo or 71,000 metric tons of U.S. soybeans.

USDA report released Friday showed that the United States sold just 4.8 million bushels of wheat, 14.5 million bushels of corn and 7.4 million bushels of soybeans in the last week of 2023. U.S. corn and soybean sales were marketing year lows, and well below the average to reach USDA's annual export forecasts.

For respective crop years to date, the United States has sold 561 million bushels of wheat, up 2 percent year on year; 1,173 million bushels of corn, up 37 percent; and 1,343 million bushels of soybeans, down 16 percent.

It is wet across Northern Brazil as the forecast keeps a pattern of daily showers in place. Rains in Southern Brazil and Argentina will start on the weekend.