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Chicago soybeans, corn rally after previous drop; wheat little changed

Xinhua, February 3, 2016 Adjust font size:

Chicago Board of Trade (CBOT) wheat, soybean and corn futures closed mixed on Tuesday, with soybeans, corn bouncing back after posting losses in the previous session, while wheat prices little changed.

Chicago soybeans led gains as the most active soybean contract for March delivery rose 5.5 cents, or 0.62 percent, to close at 8.8625 dollars per bushel. Corn for March delivery added 1.25 cents, or 0.34 percent, to close at 3.725 U.S. dollars per bushel. March wheat delivery were unchanged, to close at 4.7525 dollars per bushel.

Chicago soybeans advanced on Tuesday, buoyed by demand signals. "late Jan/early Feb holds a strong seasonal buy signal," AgResource company, a Chicago-based agricultural research institute, said in a note, "Amid funds' still-short position in soybeans and meal, speculators are taking a stab at being long for the next few weeks."

Corn futures got support from the weather forecast that showed potentially heavy rainfall may impact the vast majority of Argentina's corn belt over the next 7 to 10 days. However, the protracted downturn in crude oil prices, which fell by another over-4-percent for the day, capped the corn gains with diminishing hope to investors that demand for corn could improve if refiners blend more corn-based ethanol into U.S. gasoline.

Meanwhile, trader noted that Egypt Tuesday canceled its recent tender for optional origin wheat amid a complete lack of offers. But analysts expected Egypt is likely trying to force major exporters' hands ahead of the next tender in the coming days. Enditem