Trading of Chicago agricultural commodity futures posted mixed results Wednesday, with corn prices continuing to rise but the prices for wheat and soybeans going down amid consumption and demand concerns.
The most active corn contract for March delivery rose 5.5 cents, or 0.8 percent, to close at 6.9425 dollars per bushel. March wheat fell 5 cents, or 0.67 percent, to settle at 7.455 dollars per bushel. March soybeans edged down 1 cents, or 0.07 percent, to close at 13.855 dollars per bushel.
According to the U.S. Department of Agriculture (USDA) report, ethanol production for the week ending Jan. 4 averaged 826,000 barrels per day, up 2.4 percent compared with that of the previous week. Total ethanol production for the week was 5.78 million barrels and corn used in production was estimated at 86.7 million bushels, compared with 84.7 million bushels in the previous week.
Chicago wheat markets traded lower on the day. Storm systems covered Texas and southeast Oklahoma throughout the day and were expected to move to the northeast, which could bring relief to dry areas of the eastern Corn Belt.
March soybeans traded nearly unchanged as traders positioned ahead of Friday's USDA report. There were reports Tuesday saying that soybean cargos were sold to China out of South America in next spring, which has been seen negative to price direction and soybean buyers are beginning to shift away from the U.S. border for cheaper cargos elsewhere.