Corn prices gained ground early on Monday on technical buying and tight supplies while soya and wheat slipped, in choppy trade ahead of a US government crop report later in the week. Weaker equities weighed on all three crops, after China signalled slower growth ahead, but a slightly lower US dollar underpinned grain markets.
Chicago Board of Trade May corn gained 0.7 percent, or 4-3/4 cents, at $6.59-3/4 a bushel at 12:22 pm CST (1822 GMT). The nearby March contract, in delivery mode, rose to a five-month high and broke key resistance at its 200-day moving average, drawing technical fund buying to the grain. Most active May CBOT soyabeans slipped 0.3 percent, or 4-1/4 cents, to $13.28-3/4 a bushel. Chicago May wheat slipped 1/2 cent to $6.74 a bushel on profit taking and position squaring ahead of the USDA report.
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