Chicago agricultural commodities settle mixed

Chicago Board of Trade (CBOT) grains futures close higher Thursday with wheat futures gaining 2 percent to a seven-month high after the U.S. Department of Agriculture increased its export forecast and showed smaller-than-expected global supplies in a monthly report.

Chicago Board of Trade soybean futures turned lower and corn prices held near an earlier seven-month peak in the wake of the USDA report in which the government also slashed its estimate for U.S. corn ending stocks and kept its U.S. soy supply forecast steady.

The most active corn contract for March delivery fell 1.25 cents, or 0.34 percent, to 3.695 dollars per bushel. March wheat delivery rose 11 cents, or 2.54 percent, to 4.435 dollars per bushel. March soybeans dropped 8.25 cents, or 0.78 percent, to 10.505 dollars per bushel.

USDA raised its U.S. wheat export forecast by 50 million bushels, citing a strong pace of U.S. wheat export shipments, which resulted in a reduction in ending stocks to 1.139 billion bushels, compared to analyst expectations for 1.186 billion.

Wheat surged on short-covering while soybeans eased as investors liquidated long bets.

USDA cut Argentine soybean production to 55.5 million tonnes, down from 57.0 million in January but above the Rosario grain exchange estimate of 54.5 million tonnes on Wednesday. USDA estimated Brazilian soy output unchanged at 104 million tonnes, compared to a forecast from Brazil's Conab earlier on Thursday for a record of 105.6 million. Enditem