Chicago agricultural commodities closed mixed

Chicago Board of Trade agricultural commodities closed mixed on Wednesday with corn and wheat falling and soybeans rising.

The most active corn contract for March delivery fell 4.75 cents, or 1.23 percent, to 3.81 U.S. dollars per bushel. Soybeans for March delivery rose 5.25 cents, or 0.52 percent, to 10.0925 dollars per bushel. Wheat for March delivery dropped 10.25 cents, or 1.87 percent, to 5.3775 dollars per bushel.

Corn came under pressure as U.S. ethanol prices have slide to a fresh nine-year low, along with spiking supplies and little indication of a slowing in the U.S. weekly grind.

U.S. ethanol inventories on Wednesday reached 20.24 million barrels, hitting the highest level since March of 2013. Analysts believe U.S. ethanol production margins will turn negative in coming weeks.

Soy futures once fell to new monthly lows, but bounced higher on short covering. January soybean futures expire at midday on Wednesday, and March futures are now the lead month and the most actively traded. Analysts believed much of the selling is speculative.

The weather forecast remains positive, with Argentina being warm and dry, ideal for crops after recent rains, and Brazil receiving modest rain, also favorable for current crop conditions. Endite