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Chicago agricultural commodities closed mixed

Xinhua, January 22, 2015 Adjust font size:

Chicago agricultural commodities closed mixed Wednesday with corn and wheat falling, and soybeans rising.

The most active corn contract for March delivery fell 2.25 cents, or 0.58 percent, to close at 3.88 U.S. dollars per bushel. Soybeans for March delivery rose 1.5 cents, or 0.15 percent, to close at 9.835 dollars per bushel. Wheat for March delivery dropped 0.25 cents, or 0.05 percent, to close at 5.3675 dollars per bushel.

Trading Volume was low Wednesday as the focus was on what the European Central Bank (ECB) will do Thursday. Analysts say traders are worried about potential currency gyrations that could follow Thursday's ECB meeting and its adoption of quantitative easing. Funds were trading both sides of the market with favorable South American weather capping rallies.

There has been very little news outside of the ECB situation but as the U.S. dollar declined, bids were noted in corn, soybeans and wheat futures on short covering.

The U.S. Department of Agriculture said that China booked 176, 000 metric tons of U.S. soybeans for 2014/2015 season. This sale added support to soybeans after cancellation of about the same size Tuesday.

The near-term weather forecast for Brazil showed it is slightly wetter, while after two weeks normal rain and temperatures are expected. Analysts say the rain should help finish off the Northern Brazilian soybean crop, with many areas considering starting a more active harvest pace in two to three weeks. Endite