Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Tuesday, with wheat futures dropping sharply after Russia said it had no plans to restrict grain exports from the world's biggest wheat supplier.
The most active corn contract for December delivery rose 3.25 U.S. cents, or 0.89 percent to close at 3.6825 dollars per bushel.
December wheat delivery dropped 14 cents, or 2.57 percent to close at 5.315 dollars per bushel. November soybean delivery rose 0.75 cent, or 0.09 percent to close at 8.4425 dollars per bushel.
December wheat delivery dropped 14 cents, or 2.57 percent to close at 5.315 dollars per bushel. November soybean delivery rose 0.75 cent, or 0.09 percent to close at 8.4425 dollars per bushel.
Russia's agriculture ministry does not see a need to impose export duty or curb grain exports in any other way, it said in a statement after a meeting with exporters on Monday.
Analysts and market watchers have been bumping the price of wheat in the past few weeks on speculation that the country would limit shipments.
The U.S. Department of Agriculture recently pegged Russian wheat exports at 35 million tonnes in the 2018-2019 marketing year that started on June 1, down from 42 million in the prior year.
CBOT corn futures firmed on support from news that Argentina planned to impose a 10.2 percent export tax on the grain, which could boost overseas demand for U.S. supplies.
Soybean futures ended slightly firmer after trading in both positive and negative territory during the session.
As for weather forecast for agricultural crop, flash flood warnings and watches are again in effect for much of central Kansas into northern Wisconsin as storms hammer both areas, according to the National Weather Service.
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