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Chicago agricultural commodities close mixed

Xinhua, January 24, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle mixed on Monday with soybean futures falling for a third straight session on profit-taking after last week's six-month highs and improving weather outlook for Argentina.

The most active corn contract for March delivery fell 0.25 cents, or 0.07 percent, to 3.695 dollars per bushel. March wheat delivery rose 5 cents, or 1.17 percent, to 4.3325 dollars per bushel. March soybeans dropped 9.75 cents, or 0.91 percent, to 10.5775 dollars per bushel.

Soybeans extended their slide from last week's heights as forecasts called for better crop weather in Argentina following floods this month that threatened soybean prospects.

Also, weekly commitments data released Friday by the U.S. Commodity Futures Trading Commission showed large speculators sharply increased their net long position in CBOT soybeans, leaving the market vulnerable to bouts of long liquidation.

Wheat climbed for a second straight session, but traders said the trade was mostly technical and driven by funds covering short positions, given a lack of market-moving news.

A softer dollar lent support, in theory making U.S. Grains more competitive on the world market. The dollar index fell amid investor concerns over protectionist rhetoric by U.S. President Donald Trump.

CBOT March wheat, corn and soybeans shown in cents per bushel, soymeal in dollars per short ton and soyoil in cents per pound.

Drier weather in central parts of Argentina are expected this week, which will "allow wetness there to ease further," said Donald Keeney, a senior agriculture meteorologist at MDA Information Services. Eastern parts of the South American country will get rain, which will improve soil moisture in the area, Keeney said. Endit