CHICAGO, Jan. 26 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed mixed on Wednesday, with corn and soybean rising and wheat falling.

The most active corn contract for March delivery rose 7 cents, or 1.13 percent, to settle at 6.27 U.S. dollars per bushel. March wheat plunged 23 cents, or 2.81 percent, to settle at 7.95 dollars per bushel. March soybean climbed 32.75 cents, or 2.33 percent, to settle at 14.4 dollars per bushel.

Wheat futures were sharply lower while soybean futures were sharply higher on a smaller soybean crop in South America. It does not require much volume to push CBOT grain markets sharply in either direction. Varied direction on Wednesday is based on differing fundamentals, Chicago-based research company AgResource noted.

AgResource estimates 2022 U.S. corn seeding at 91.5 million acres and soybean at 89 million acres. The point is U.S. corn/soybean acres cannot plug the South American drought shortfall. AgResource stays bullish of soybean and corn, with wheat break unlikely to be sustained. Kansas wheat near 8 dollars is a buy, while the next upside target for March soybeans rests at 14.85-15.00 dollars.

Mato Grosso do Sul state agency Farmasul indicated that soybean yield would fall 20 percent to 50.5 bags per hectare, as against an early season trend-line estimate of 62.84 bags. Total South American soybean crop losses are now surpassing 24 million metric tons, a big deal that calls for additional demand rationing.

CBOT corn futures are going to find it difficult to sustain a break as world FOB corn values rise and domestic U.S. cash basis firm amid cold temperature and expanding export demand.

There will be a below normal rainfall trend for Argentina and Southern Brazil. Near to above normal rain returns to Northern and Central Brazil which will slow soybean harvest there. It is Argentina, RGDS and Paraguay where extreme drought will deepen amid a below normal rainfall pattern. Enditem

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