Chicago agricultural commodity futures market trades mixed
Last Updated: 2013-09-04 07:16 | Xinhua
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Chicago agricultural commodity futures were traded mixed Tuesday, with corn and wheat prices going down while soybeans prices rising on supportive weather forecast.

The most active corn contract for December delivery fell 6.75 cents, or 1.40 percent, to close at 4.7525 dollars per bushel. September wheat fell 6.75 cents, or 1.03 percent, to settle at 6. 4725 dollars per bushel. November soybeans rose 29.25 cents, or 2. 15 percent, to close at 13.8675 dollars per bushel.

According to Chicago Mercantile Exchange, corn futures surged to the upside overnight on the heels of a supportive weather forecast but the upclimb didn't last long. As harvest moves forward, additional weakness is expected. Although a surge of new crop supply hits the market, additional sales for corn are unlikely at current price levels.

The overnight session saw mostly higher trading for corn, soybeans, and wheat but by midday, corn futures reversed lower and this stalled any hope of a wheat rally. Traders also keep an eye on the supply and demand situation in South America as below normal temperatures continues to increase the risk of winterkill in southern growing regions.

Soybean futures traded sharply higher but finished well off session highs. The weather remains the driving force behind the supportive market factor with less than expected rainfall coverage over the weekend and a drier outlook for the rest of this week. There is a chance for another round of showers for scattered production regions by early next week but temperatures are also expected to climb day by day.

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