Wheat futures on the Chicago Board of Trade climbed early Monday on expectations that Russia's severe drought would force the country to import grain, traders said. However, wheat backed off its highs as CBOT corn futures sagged on seasonal pressure ahead of the harvest of what are expected to be large US crops. Soyabeans were choppy.
Chicago Board of Trade grain and soy complex trends at 10:06 am CDT (1506 GMT). September wheat up 12 cents at $6.91 per bushel. Market climbing on prospects for Russia to import grains following its worst drought on record. Russian grain crop down 38 percent so far. September corn down 4 cents at $4.17-1/4 a bushel. New-crop December down 3-1/4 at $4.33.
USDA put export inspections of US corn in the latest week at 37.606 million bushels, just above trade estimates for 33 million to 37 million. September soyabeans up 1/4 cent at $10.09-1/2 per bushel, November up 1/2 at $10.04-1/2. USDA put export inspections of US soybeans in the latest week at 11.745 million bushels, within a range of trade estimates for 9 million to 12 million.