Chicago agricultural commodities close mixed

Chicago Board of Trade (CBOT) grains futures settle mixed on Tuesday with soybean futures falling to a six-week low on improving South American crop prospects.

The most active corn contract for March delivery rose 3.75 cents, or 1.07 percent, to 3.5575 dollars per bushel. March wheat delivery fell 1.5 cents, or 0.37 percent, to 4.065 dollars per bushel. January soybeans dropped 9 cents, or 0.9 percent, to 9.95 dollars per bushel.

Soybeans declined for a fourth straight session as analysts grew more confident of crop prospects in South America and particularly Brazil, projected as the world's No. 2 soybean producer after the United States.

CBOT corn firmed on technical buying and expectations that commodity index funds will buy corn as they make annual adjustments to their portfolios for 2017.

Wheat turned lower in technical moves, retreating from early advances. But worries about dry conditions in Kansas and Oklahoma, the top U.S. winter wheat states, underpinned values.

The USDA was scheduled to release monthly crop reports for a few Plains states later on Tuesday.

In the outside markets, the Brent crude oil market is 1.34 dollars per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 31 points higher at 19,803 points.

Bob Linneman, Kluis Commodities broker, says it's worth watching the South American crop weather and outside money flow to get a handle on grain market direction.

"Areas of South America remain dry, while other areas are experiencing flooding. We may not see any major allocation of money based on the current weather as everyone awaits the upcoming USDA report," says Linneman in a daily note to customers. Enditem