CHICAGO, Jan. 23 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures either rose or remained unchanged on Tuesday, with corn and soybean rising and wheat unchanged.
The most active corn contract for March delivery rose 0.75 cents, or 0.17 percent, to settle at 4.465 U.S. dollars per bushel. March wheat settled at 5.965 dollars per bushel, unchanged from the previous trading day. March soybean gained 15.25 cents, or 1.25 percent, to settle at 12.395 dollars per bushel.
Corn and soybean were higher on short covering in moderate volume.
Less than favorable South American weather has CBOT forming a base. The price trend is still down on the carts with key moving averages containing the rally. Chicago-based research company AgResource predicts that choppiness will prevail this week, with extended Argentine forecast important thereafter.
The U.S. Department of Agriculture (USDA) has pegged 2024 Brazilian soybean crop at 157 million metric tons, while others see the crop between 135 and 158 million metric tons.
Limited rainfall is forecast for Argentina over the next 10 days with searing heat forecast for much of next week. Soil moisture loss will be acute in Argentina, making the need for rain important heading into mid-February. Regular showers drop across Northern Brazil. Cool temperatures prevail across all of Northern and Eastern Brazil. Rain in Northern Brazil is slowing harvest, but is not yet to creating any quality issues.