Chicago agricultural commodities closed mixed

Date : 2015-02-25  | From : Equipmentimes

Chicago Board of Trade agricultural machinery commodities closed mixed on Wednesday with corn falling, and wheat and soybeans rising.

The most active corn contract for March delivery fell 2.25 cents, or 0.58 percent, to close at 3.8575 U.S. dollars per bushel. Soybeans for March delivery rose 8.75 cents, or 0.90 percent, to close at 9.7775 dollars per bushel. Wheat for March delivery added 4 cents, or 0.77 percent, to close at 5.2575 dollars per bushel.

Wheat and soybeans rose on Technical reasons as U.S. investment bank Goldman Sachs rebalanced its trading on Wednesday.

Corn fell as the weekly U.S. ethanol report showed that production expanded by 1.5 percent to 961,000 barrels per day which analysts calculate would consume 109 million bushels of corn.

Traders are also waiting for next week's Outlook Forum 2015/ 2016 U.S. report on corn, wheat, soybean and soy product balance sheets from the U.S. Department of Agriculture (USDA), which analysts believed would the report greatly sway the market.

Snowier and wetter weather is expected for the Plains and the South Midwest next week. The forecast also showed the Central Midwest will have a large amount of snow.

Analysts say that the cold could add some pressure for wheat, but the snow should provide adequate insulation from the upcoming cold. The forecast features a very active storm track from Kansas through Ohio during Feb. 15 to 27 period which will boost soil moisture.