Chicago agricultural commodities closed mixed Tuesday, with corn dropping, wheat and soybean rising.
The most active corn contract for March delivery dropped 3 cents, or 0.69 percent, to close at 4.315 dollars per bushel. March wheat gained 5.75 cents, or one percent, to close at 5.7925 dollars per bushel. March soybeans added 12.75 cents, or 0.99 percent, to close at 13.07 dollars per bushel.
March corn dropped Tuesday on some farmer selling. But ethanol production margins remained solid in near term, curbing fall of corn. AgroConsult, a forecasting firm in Brazil, projected 2014 Brazilian corn crop at record 91.6 million tonnes. Meanwhile, China's active test of MIR162 in corn has slowed corn export to the country.
March wheat rose Tuesday on commercial buying. Overall, trading on wheat market was flat on the day.
March soybean closed higher Tuesday on export sales. Several large companies projected 2014 Brazilian soybean crop at 91-93 million tonnes. AgroConsult estimates that 42 percent or 39 million tonnes of soybean crop in Brazil will be harvested by the end of February. Based on these, the fundamental for March soybean to trade above 13.2 dollars per bushel is not good.