U.S. agricultural futures close mixed

CHICAGO, Jan. 10 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn and wheat rising and soybean falling.

The most active corn contract for March delivery rose 0.25 cents, or 0.05 percent, to settle at 4.595 U.S. dollars per bushel. March wheat gained 0.75 cents, or 0.12 percent, to settle at 6.1075 dollars per bushel. March soybean fell 12 cents, or 0.96 percent, to settle at 12.365 dollars per bushel.

CBOT agricultural futures were choppy awaiting the U.S. Department of Agriculture (USDA) Crop Report due out on Friday. There has been a rush to exit stale and unprofitable long soymeal positions, which has pressured soybeans to new lows.

There are many problems that need to be resolved, including South American crop sizes, geopolitical actions, and Chinese demand. Chicago-based research company AgResource holds that this is not a time or place to be pushing new net shorts.

China booked four to five cargoes of soybeans from Brazil on Tuesday, and another three to four cargoes on CBOT break on Wednesday.

U.S. ethanol industry produced 312 million gallons last week, up 13 percent from last year.

It is slightly wetter for Parana and South Central Brazil. The 11-15 day forecast stays wetter for all of Brazil. Daily shower chances will be centered on Northern Brazil. RGDS and Argentina will see near to above normal rainfall with varied temperatures that favors crop yield. Sections of Northeast Argentina will see too much rain and there is a need for sunshine to finish spring seeding.