CHICAGO, Jan. 16 (Xinhua) -- Chicago Board of Trade (CBOT) grains closed mixed on Tuesday with soybeans rising for the second consecutive day over falling production estimates.
The most active corn contract for March delivery rose two cents, or 0.58 percent, to settle at 3.4825 dollars per bushel. March wheat delivery went down four cents, or 0.95 percent, to close at 4.165 dollars per bushel. March soybeans climbed 7.5 cents, or 0.78 percent, to settle at 9.68 dollars per bushel.
Soybeans have posted gains since the U.S. Department of Agriculture (USDA) reduced its projections for 2017-18 output. The government pegged U.S. production at 119.52 million metric tons, down from 120.44 million a month earlier.
Additional support came from Argentine, where disappointing crop conditions and dry weather could lead to less yield of soybeans.
CBOT wheat futures continued to fall as the USDA recently estimated 2018 winter wheat plantings at 32.608 million acres, above analysts' expectations. Ample global supply also contributed to the decline.
