Chicago agricultural commodities close mixed

Chicago Board of Trade (CBOT) grains futures settle mixed on Monday with soybean futures weakening on Monday on forecasts for some much-needed rain in dry parts of Argentina's growing areas.

The most active corn contract for March delivery rose 1 cent, or 0.28 percent, to 3.605 dollars per bushel. March wheat delivery added 1 cent, or 0.24 percent, to 4.1725 dollars per bushel. January soybeans dropped 6.5 cents, or 0.63 percent, to 10.31 dollars per bushel.

Wheat and corn futures closed higher, with wheat receiving support from improving export hopes for U.S. supplies, traders said. Both grains traded in negative territory before buyers stepped in to the market.

Technical buying also let support to both corn and wheat when they hit session lows. Snow during the weekend in key U.S. growing areas eased concerns about winterkill damaging the wheat crop when sub-freezing temperatures hit the Midwest in the coming days, limiting the rebound.

Traders shrugged off news of a fresh sale of 256,600 tonnes of U.S. soybeans to China as the world's largest buyer of the oilseed is expected to turn its attention to South America in the coming months when what is forecast to be a huge crop is harvested there.

A weekly report from the U.S. Agriculture Department that showed better-than-expected soybean export inspections also offered little support.

Rain in the forecast for key producer Argentina added to the bearish tone hanging over soybeans. Endit