Chicago soybeans continue upturn due to Argentine weather woe

CHICAGO, Jan. 19 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities were trading mixed on Friday morning with soybean futures continuing to rise over unfavorable weather conditions in Argentina.

As of 1535 GMT, March corn was up 1.5 cents at 3.53 U.S. dollars per bushel while March wheat was down 1.5 cent at 4.2375 dollars and March soybeans up 7.75 cents at 9.8075 dollars per bushel.

CBOT soybeans had kept an upturn for four consecutive sessions since the U.S. Department of Agriculture (USDA) reduced its projection for 2017-18 U.S. output, and weather broadcasts said dryness would prevail again in soybean-producing areas in Argentina.

Now rumors were out among traders that the Argentina soybean crop could also be smaller than analysts had expected.

According to weather forecasts, southeastern parts of Argentina is expected to be hot and dry at least till the end of this month, with some rainfall in central Buenos Aires reaching only 10 percent of the country's soybean crop. Enditem