Chicago agricultural commodities close mixed

hicago Board of Trade (CBOT) grains futures close mixed on Monday with soybean futures rising for the seventh day in a row, led higher by strong export demand gains in the soymeal market.

The most active corn contract for March delivery stayed unchanged at 3.5825 dollars per bushel. March wheat delivery dropped 3 cents, or 0.72 percent, to 4.165 dollars per bushel. January soybeans rose 10 cents, or 0.96 percent, to 10.56 dollars per bushel.

Soybean prices rallied for a seventh straight session.The U.S. Department of Agriculture on Monday said more than two million metric tons of soybeans were inspected for export last week, which neared the high end of analyst expectations. Soybean inspections, as well as export sales, have been unusually strong for this time of year. That is welcome news for U.S. farmers, who recently harvested what is likely to the biggest crop on record and are looking to export markets to help eat into ample supplies of the oilseeds.

Chicago Board of Trade wheat and corn futures fell for the third day in a row, pressured by poor export prospects and ample supplies of the grains.

Wheat prices, meanwhile, fell to a three-month low, pressured by an outlook for improving U.S. growing conditions and abundant supplies of the grain. Analysts said forecasts for rainfall in key wheat-growing states in the southern Plains- -including Kansas, Oklahoma and Texas--could ease dryness there, which could be helpful for crop yields.

The wetter forecasts come amid an oversupply of grain in the U.S. and abroad, where inventories are at an all-time high. Endit