Chicago agricultural commodities close mixed

Chicago Board of Trade (CBOT) grains futures settle mixed on Wednesday with soybean futures rising for a fourth straight session, notching a six-month high on worries that recent heavy rains could damage crops in Argentina.

The most active corn contract for March delivery fell 0.5 cents, or 0.14 percent, to 3.65 dollars per bushel. March wheat delivery fell 2.5 cents, or 0.58 percent, to 4.31 dollars per bushel. March soybeans added 5.75 cents, or 0.54 percent, to 10.75 dollars per bushel.

Soybeans are processed into soymeal, a high-protein animal feed ingredient, and soyoil, which is used in foods and in biodiesel fuel. As with soybeans, spot CBOT soymeal futures set a six-month top.

Heavy rain inundated key Argentinian soybean-growing areas over the weekend, raising doubts about the crop in a season which has already seen a reduction in soy planting as growers turn more toward corn.

Corn and wheat have traded mostly lower with soy futures offering support on corrections. CBOT corn open interest was up 10,213 contracts, soybeans were up 28,683 contracts with wheat up 607 contracts on Tuesday. The big gains on corn and soy open interest suggest new demand by funds and end users.

CBOT brokers report that funds have sold 2,000 contracts of corn and 1,500 contracts of wheat while buying 4,000 contracts of soybeans. In soy products, funds have bought 1,200 contracts of soymeal and sold 1,500 contracts of oil.

A rebound in the dollar added pressure, making U.S. Grains less attractive on the global marketplace. The U.S. dollar index rose after hitting a nearly six-week low the previous day after U.S. President-elect Donald Trump complained that dollar was too strong. Endit