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Chicago agricultural commodities close mixed

Xinhua, January 25, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle mixed on Tuesday with corn futures falling nearly 2 percent on Tuesday on a mix of profit-taking after multi-month hight, improving weather in Argentina and uncertainty about how U.S. trade policy will affect grain exports.

The most active corn contract for March delivery dropped 6.5 cents, or 1.69 percent, to 3.6325 dollars per bushel. March wheat delivery fell 6.5 cents, or 1.5 percent, to 4.2675 dollars per bushel. March soybeans rose 0.75 cents, or 0.07 percent, to 10.585 dollars per bushel.

Corn was the biggest mover on a percentage basis, turning lower after rising in early moves.

Corn got a boost when the U.S. Department of Agriculture said private exporters in the last day sold 125,000 tons of the yellow grain to unknown destinations.

But some analysts cited worries about prospects for U.S. agricultural trade, given President Donald Trump's plan to renegotiate the North American Free Trade Agreement with Mexico and Canada and his abandonment of the Trans Pacific Trade Partnership with other countries.

Mexico's economic minister said the country could pull out of NAFTA if a renegotiation of its terms does not benefit its economy.

Soybean futures were on track for a fourth straight decline, pressured by forecasts of better crop weather in Argentina following floods this month that threatened crops.

Private analytical firm Informa Economics raised its projection of 2017 corn plantings in the U.S. to 90.489 million acres, from 90.151 million last month. Informa trimmed its 2017 soybean plantings forecast to 88.647 million acres, from 88.862 million previously.

In the outside markets, the Brent crude oil market is 0.31 dollar per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 124 points higher at 19,924.

Jack Scoville, The PRICE Futures Group's senior market analyst, says it was a turnaround Tuesday, but that seems to be fading a little bit.

"I got one of my Brazil contacts doing a crop tour in Argentina, and the crops look in tough shape. But the market has been fading anyway, and I think maybe we just got high enough and are still liquidating," Scoville says. Endit