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Chicago soybeans plunge amid rain forecast for Argentina

Xinhua,December 15, 2017 Adjust font size:

CHICAGO, Dec. 14 (Xinhua) -- Chicago Board of Trade (CBOT) grains closed mixed on Thursday with soybeans posting double-digit losses amid rainfall forecast for Argentina.

The most active corn contract for March delivery edged down 0.5 cent, or 0.14 percent to settle at 3.485 dollars per bushel. March wheat delivery rose 1.5 cents, or 0.36 percent, to 4.1825 dollars per bushel. January soybeans went down 11.5 cents, or 1.17 percent to close at 9.6775 dollars per bushel.

CBOT brokers reported that funds bought 2,300 contracts of corn and 2,100 contracts of wheat, while selling 4,800 contracts of soybeans.

Soybeans closed more than one percent lower on weather forecast for rainfall in some areas of Argentina. Light showers are expected in eastern Argentina's soybean and corn belts, where dry weather has prevailed.

The prices of soybean futures have fallen back to the November lows.

Meanwhile, CBOT wheat futures were supported by concerns about cold, dry weather in the southern U.S. plains. Enditem