Chicago agricultural commodities settle mixed

Chicago Board of Trade (CBOT) grains futures closed mixed on Monday with corn futures pacing the advance as funds pare massive short position.

The most active corn contract for May delivery rose 7.5 cents, or 2.09 percent, to 3.67 dollars per bushel. May wheat delivery rose 4.75 cents, or 1.12 percent to 4.2875 dollars per bushel. May soybeans was down 0.25 cents, or 0.03 percent, to 9.4175 dollars per bushel.

In the outside markets, the Brent crude oil market is 0.75 dollar per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 14 points higher.

Jack Scoville, The PRICE Futures Group's Senior Market Analyst, says that most specs and a lot of hedgers are sitting on their hands until tomorrow.

"It's wet in 'corn country'. So, there will be some more delays. It is a little early to get excited, but the market is very short right now and we are getting some position evening before the reports tomorrow and the rains," Scoville says.

He adds, "Wheat and soybeans not too exciting, both were higher overnight but are having trouble holding it today. I expect quiet markets today, more excitement tomorrow, then basically dying for the Easter week."

On Monday, the USDA announced a fresh corn export sale. Private exporters reported to the U.S. Department of Agriculture export sales of 101,600 tonnes of corn for delivery to unknown destinations during the 2016/2017 marketing year. Endit