On Tuesday, the Chicago Board of Trade (CBOT) agricultural futures closed with mixed results. Corn and soybean prices fell, while wheat prices rose.
The most active corn contract for March delivery dropped by 4.25 cents, or 0.89 percent, settling at 4.7275 U.S. dollars per bushel. Meanwhile, March wheat rose by 5.75 cents, or 0.93 percent, to settle at 6.2275 dollars per bushel. March soybean also went down, shedding 17.5 cents, or 1.31 percent, to settle at 13.225 dollars per bushel.
Wheat saw a boost due to speculative short covering, while the row crop markets declined ahead of anticipated rainfall in Brazil starting late Wednesday. AgResource, a Chicago-based research company, advised only making sales on strong rallies, emphasizing that abnormal weather conditions continue to affect Brazil’s soybean belt.
From Thursday to Monday, central and northern Brazil will experience light to moderate but steady showers, while the northern region will face warmth and dryness. Excessive rainfall is expected to return to southern Brazil from Dec. 25-29, contributing to the ongoing weather uncertainty in the area. Weather-based volatility is expected to persist into the New Year.
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