CHICAGO, Dec. 6 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn and soybean falling and wheat rising.
The most active corn contract for March delivery fell 6.25 cents, or 1.27 percent, to settle at 4.8425 U.S. dollars per bushel. March wheat rose 2.25 cents, or 0.36 percent, to settle at 6.335 dollars per bushel. January soybean lost 10 cents, or 0.77 percent, to settle at 12.955 dollars per bushel.
Wheat was higher on additional Chinese demand for U.S. origin. Wheat short covering continues. Nevertheless, wheat is nearing overbought technically and pause in the recent recovery is likely, Chicago-based research company AgResource holds. March CBOT corn failed to break through its 50-day moving average, and CBOT soybean and soyoil are nearing oversold levels.
U.S. exporters sold another 372,000 metric tons of soft red winter (SRW) wheat to China on Wednesday. This brings Chinese purchases of U.S. SRW wheat this week to 37 million bushels, and brings total U.S. SRW export commitments to 144.8 million bushels.
U.S. exporters also sold 136,000 metric tons of soybeans to China.
Weekly Energy Information Administration (EIA) data showed that U.S. ethanol production in the week ending Dec. 3 totaled 316 million gallons, up 19 million gallons from the prior week and unchanged from early December a year ago; ethanol stocks totaled 901 million gallons, down 8 percent year on year. U.S. commercial crude inventories on Dec. 1 were 445 million barrels, down 4.7 million barrels from the previous week.
Better rain chances will evolve across Central Brazil and Argentina in the 6-10 day period. Soaking rainfall is forecast to blanket the core of Argentina's Agricultural Belt next Thursday to Saturday. However, heat and dryness will persist in Central and Northern Brazil into the weekend. Rain is needed immediately in Northern Brazil.
