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Chicago agricultural commodities close mixed

Xinhua, December 15, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle mixed on Wednesday with soybean futures falling to a three-week low as forecasts for rain in dry areas of Argentina's crop belt took out some of the weather premium built into the market.

The most active corn contract for March delivery rose 1 cent, or 0.28 percent, to 3.62 dollars per bushel. March wheat delivery added 0.5 cents, or 0.12 percent, to 4.8 dollars per bushel. January soybeans dropped 4.25 cents, or 0.41 percent, to 10.2375 dollars per bushel.

Wheat and corn futures closed firm, supported by a late round of short-covering by investors looking to unwind bearish bets they had placed on the grains. Wheat futures have risen for five days in a row while corn has notched a four-session winning streak.

The market moves were muted ahead of the conclusion of the Federal Reserve's two-day policy meeting that saw the U.S. central bank raise interest rates for the first time in a year.

The Argentine rain outlook boosted crop prospects from the key exporter. The United States already faces fierce competition for overseas deals from South America, with a huge crop expected in Brazil.

Brazil on Wednesday forecast that the country will produce 101.7 million tonnes of soybeans in the 2016/17 crop year, with 58 million tonnes of the crop expected to be exported. Enditem