Grain futures on the Chicago Board of Trade were mixed on Tuesday, with the wheat and corn contracts higher amid global weather concerns, traders said. Profit-taking sent soyabean futures lower. Front-month March wheat was supported by worries about possible winterkill due to a cold snap in the US Plains, traders said. In addition, continued rains in Australia are challenging the quality of its wheat crop.
Corn and soyabean futures were firm early on forecasts for dry weather in Argentina, but soyabean prices faltered later. The hot and dry forecasts were expected to be less problematic for Argentine soyabean crops than for corn crops, traders said.
CBOT trends at 10:14 am CST (1614 GMT) on Tuesday:
-- March wheat up 3 cents at $7.70-1/4 per bushel. Exporters sell 155,000 tonnes US wheat to unknown destinations, according to USDA.
-- March corn up 4-1/4 cents at $6.11-1/4 per bushel.
-- March soyabeans down 3-1/2 cents at $13.69-3/4 per bushel.