Chicago agricultural commodities settle mixed

CHICAGO, Feb. 7 (Xinhua)-- Chicago Board of Trade (CBOT) grains closed mixed on Wednesday with wheat futures rising more than 3 percent on short covering ahead of a government report on crop stocks.

The U.S. Department of Agriculture will release the monthly report of World Agricultural Supply and Demand Estimates on Thursday.

There exists technical buying in the corn and wheat market, as investors are anticipating lower stocks on both corn and wheat data sets, analysts said.

The most active corn contract for March delivery rose 1.75 cents, or 0.48 percent to close at 3.6525 dollars per bushel. March wheat delivery went up 14.25 cents, or 3.19 percent to close at 4.605 dollars per bushel. March soybeans fell 3.25 cents, or 0.33 percent to close at 9.83 dollars per bushel.

CBOT brokers report that funds have bought 1,700 contracts of soybeans, 3,500 contracts of corn, and 2,200 contracts of wheat. In soy products, funds have bought 2,500 contracts of soymeal and sold 3,700 contracts of soyoil.

As for international market, dry and hot weather occurred across Argentina and south Brazil Tuesday. Weather forecast shows another one to two days of heat and dryness across Argentina before showers arrive during late Friday and linger into the weekend. Enditem