Chicago agricultural commodities futures market ends mixed

Chicago agricultural commodities futures market was closed mixed Monday, with corn, wheat falling and soybeans rising.

The most active corn contract for March delivery fell 2.75 cents, or 0.71 percent, to close at 3.84 U.S. dollars per bushel. Soybeans for March delivery rose 10.75 cents, or 1.11 percent, to close at 9.835 dollars per bushel. Wheat for March delivery lost 9. 5 cents, or 1.79 percent, to close at 5.205 dollars per bushel.

The market was quiet Monday as the U.S. Department of Agriculture (USDA) weekly export inspections were revealed generally within expectations, while world weather patterns remain benign.

Soybeans rose by more than 1 percent as its shipments were at the high end of trade expectationsThrough the week ending Jan. 22, U.S. exporters shipped 35 million bushels of corn, an increase of 5 million from the prior week; 10 million bushels of wheat, which was down 2 million, and 56 million bushels of soybeans which was unchanged from the previous week, according to the USDA report.

Analysts believe that only disastrous weather can substantially alter the long-term bearish pattern for commodities. They believe that any rallies will struggle as South America's harvests are beginning and U.S. corn is losing its competitive position in the world market.

The weather forecast is positive for crops as rain persists across Central and Northern Brazil over the next 72 hours. A briefly drier pattern will be established across Brazil's soybean areas from Jan. 30 to Feb. 4. Seasonal rains return thereafter and likely persists into mid and late February.

The forecast also shows ongoing warmth and above normal rain across Ukraine and Russia. Analysts expect winterkill losses to be much lower than in previous years. In the U.S., favorable heavy rain and snow is projected across Texas, Oklahoma and Southern Kansas late this week, and rain will continue to favor the Southern wheat areas into mid-February. Endite