CHICAGO, Feb. 3 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed mixed over the trading week which ended Feb. 2, with weather conditions and profit-taking being the two key factors to impact on their prices.
The most active corn contract for March delivery rose 5 U.S. cents weekly, or 1.4 percent, to 3.615 dollars per bushel. March wheat delivery went up 5.75 cents, or 1.3 percent, to 4.4675 dollars per bushel. March soybeans fell 6.75 cents, or 0.68 percent, to 9.7875 dollars per bushel over the week.
Earlier this week, CBOT wheat prices were pushed up more than 16 cents amid limited precipitation chances in the U.S. plains.
According to the U.S. Department of Agriculture (USDA), only 14 percent of the crop conditions in Kansas, the U.S. biggest winter wheat grower, was rated good or excellent. About 10 percent was rated very poor, with 34 percent being rated poor and 42 percent fair.
The monthly crop reports released at the end of January reflected the damage that cold and dry weather has inflicted on U.S. plains wheat.
After the wheat prices reached four month highs, profit-taking prompted massive selling, which led to three consecutive sessions of losses.
Forecasts for another round of snowfall early next week in the U.S. plains offered additional pressure on the wheat futures, as a protection layer for winter wheat plants can help resist winter chill and boost crop yields.
Still, CBOT wheat futures managed to settle in the positive territory over the week.
Soybeans finished this week lower on technical selling and wetter weather forecasts for Argentina. Producers were big sellers over the early week rally, when prices once climbed briefly above 10 dollar per bushel level.
When funds joined in as extended weather forecasts showed hints of rain in Argentina, soybean prices felt the pressure.
CBOT corn ended the week higher, driven by better-than-expected U.S. export sales and long-time drought in Argentina.
There's a better chance of rainfall in Argentina in the next two weeks, but this will hardly change the longer term trend in soil moisture depletion, argued analysts with AgResource company.
Many market observers see a potential recovery in the weak U.S. dollar, supported by strong U.S. employment and pay data.
A further decline in the U.S. stock market following recent non-stop rally will probably make investors look for alternatives. These factors cannot be ignored as they also impact on the CBOT futures.
