CHICAGO, April 10 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Tuesday with soybeans posting gains for fourth consecutive session amid lowered crop estimates for Argentina and less U.S. ending stocks.
The most active corn contract for May delivery fell 1.5 cents at 3.8925 U.S. dollars per bushel. May wheat delivery went up 1.25 cents, or 0.25 percent to close at 4.92 dollars per bushel. May soybeans rose 3 cents, or 0.29 percent to settle at 10.50 dollars per bushel.
The U.S. Department of Agriculture (USDA) on Tuesday released its monthly World Agricultural Supply and Demand Estimates Report, in which the USDA lowered estimate of 2017/18 U.S. soybean ending stocks by 5 million bushel to 550 million bushel.
Meanwhile, the April report revised the Argentine soybean crop, down 7 million metric tones from its previous estimate, which boosted CBOT soybeans.
However, some market observers doubt that the soybean rally will last, as the industry has been talking about a reduced Argentine soy crop for weeks.
