CHICAGO, Feb. 16 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Friday, with corn and wheat falling and soybean rising.
The most active corn contract for March delivery fell 1.25 cents, or 0.3 percent, to settle at 4.165 U.S. dollars per bushel. May wheat shed 8.25 cents, or 1.45 percent, to settle at 5.59 dollars per bushel. March soybean rose 10 cents, or 0.86 percent, to settle at 11.7225 dollars per bushel.
March Chicago wheat tested long-term chart support below 5.60 dollars. China will return from weeklong Lunar New Year holiday on Monday. CBOT price trends are down, but spot CBOT corn, soybean and wheat futures are near longer term support. Chicago-based research company AgResource holds that short covering will be the feature.
Brazilian Agricultural Ministry commented at U.S. Department of Agriculture (USDA) Outlook Forum that Brazil's 2024 soybean harvest would likely be 145 million metric tons or less as yields are not recovering as hoped. USDA has Brazilian soybean crop at 156 million metric tons.
Below normal rainfall will blanket most of Argentina. The drying Argentine weather should not be a problem for crops amid a lack of heat. Near normal rain will persist across most of Brazil with all crop areas enjoying some needed rain throughout the 10-day forecast.
