CHICAGO, March 19 (Xinhua) -- Chicago agricultural commodity futures were traded mixed Tuesday, with corn and wheat prices up while soybeans price down due to late profit taking.
The most active corn contract for May delivery rose 8.5 cents, or 1.18 percent, to close at 7.285 dollars per bushel. May wheat advanced 9.25 cents, or 1.3 percent, to settle at 7.22 dollars per bushel. May soybeans fell 2.75 cents, or 0.2 percent, to close at 14.0675 dollars per bushel.
According to Chicago Mercantile Exchange (CME), May corn traded higher on the day. News that at least 2 ethanol plants are set to come back into production in the eastern Corn Belt helped to support the trading. Despite the negative outlook for corn exports, ethanol demand seems to have improved, which helped to support the price move higher.
Wheat markets traded higher on the day and Chicago wheat managed to gain on corn for most of the session. Expansion in domestic feed wheat usage helped to support the price movement along with short covering and a more favorable technical outlook. Crop condition ratings improved for most of the western plains last week but conditions remain far from favorable.
May soybeans traded both sides of the unchanged Tuesday but saw late pressure from profit taking. It is reported Tuesday morning that China's top soybean trader, Sunrise Group, may cancel nearly 2 million tonnes of Brazil soybean purchases due to delayed shipments at the South American ports. However, the trader did not indicate that the purchases would be moved to the United States.