Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Tuesday with wheat futures experiencing a choppy session.
The most active corn contract for May delivery rose one cent, or 0.26 percent, to settle at 3.9175 dollars per bushel. May wheat delivery went down 4.25 cents, or 0.87 percent, to close at 4.865 dollars per bushel. May soybeans were up 7.75 cents, or 0.74 percent, to settle at 10.4875 dollars per bushel.
CBOT floor brokers reported that funds bought 8,000 to 9,000 contracts of corn, 4,500 contracts of soybeans, while being flat in wheat.
According to weather forecasts, rain will be falling in drought-hit Argentina later this week. However, observers are concerned that the rainfall will miss the areas where corn and soybeans are and can hardly ease the dryness there.
Brazilian corn prices have rallied along with the CBOT on tightening supplies. Brazilian farmers have the corn, but they are just reportedly sitting on supplies awaiting higher prices due to the ongoing Argentine drought.
As a result, both CBOT soybean and corn futures closed higher.
CBOT wheat saw a choppy session on Tuesday. It rose sharply during the morning but slid towards the negative territory later as forecasters started to talk about higher possibility of rainfall in the wheat growing U.S. southern plains.
The most active corn contract for May delivery rose one cent, or 0.26 percent, to settle at 3.9175 dollars per bushel. May wheat delivery went down 4.25 cents, or 0.87 percent, to close at 4.865 dollars per bushel. May soybeans were up 7.75 cents, or 0.74 percent, to settle at 10.4875 dollars per bushel.
CBOT floor brokers reported that funds bought 8,000 to 9,000 contracts of corn, 4,500 contracts of soybeans, while being flat in wheat.
According to weather forecasts, rain will be falling in drought-hit Argentina later this week. However, observers are concerned that the rainfall will miss the areas where corn and soybeans are and can hardly ease the dryness there.
Brazilian corn prices have rallied along with the CBOT on tightening supplies. Brazilian farmers have the corn, but they are just reportedly sitting on supplies awaiting higher prices due to the ongoing Argentine drought.
As a result, both CBOT soybean and corn futures closed higher.
CBOT wheat saw a choppy session on Tuesday. It rose sharply during the morning but slid towards the negative territory later as forecasters started to talk about higher possibility of rainfall in the wheat growing U.S. southern plains.
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