Investing.com - U.S. grain futures were mixed on Monday, as
investors readjusted positions ahead of the U.S. Department of
Agriculture's closely-watched monthly supply and demand report due
later in the day.
On the Chicago Mercantile Exchange, corn futures for March
delivery fell to USD4.4013 a bushel during U.S. morning hours,
before trimming losses to trade at USD4.4163 a bushel, down
CBOT March corn ended Friday's session with a gain of 0.28% to
settle at USD4.4420 a bushel.
Analysts expected the USDA to raise its 2013-14 corn export
forecast later on Monday to reflect the strong pace of U.S. corn
shipments in recent weeks.
CBOT March corn rallied to a three-and-a-half month high of
USD4.4720 a bushel on February 6, amid ongoing indications of
robust export demand for U.S. supplies.
Meanwhile, soybeans futures for March delivery rallied to
USD13.3440 a bushel, just below the highest level since December
24, before slightly paring gains to trade at USD13.3413 a bushel,
The March soy contract settled 0.43% higher on Friday to end at
USD13.3140 a bushel.
Market players expected the USDA to lower its forecast of U.S.
2013-14 soybean ending stocks, reflecting strong export demand.
Soy prices have been well-supported in recent sessions amid
speculation adverse weather conditions in Brazil will damage the
quality of the crop and reduce global supplies.
Elsewhere on the CBOT, wheat for March delivery shed 0.3% to
trade at USD5.7538 a bushel.
The March wheat contract settled 0.56% lower on Friday to end at
USD5.7740 a bushel.
Analysts expected the USDA to lower its estimate for U.S. wheat
inventories at the end of the current marketing year to 602 million
bushels from the 608 million projected last month.
Prices of the grain picked up 3.77% last week amid concerns
freezing temperatures in key wheat-growing states in the U.S. will
damage the quality of the harvest.
Corn is the biggest U.S. crop, followed by soybeans, government
figures show. Wheat was fourth, behind hay.
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