US soyabean futures firmed on Monday on spillover strength from a rally in China as well as signs of good export demand, traders said. Corn retreated on technical selling, traders said, while profit-taking weighed on wheat following a 2.4 percent rally last week. Traders in China returned from the Lunar New Year, and the soyabean market there rose after being closed for a week.
At 10:59 a.m. CST (1659 GMT), Chicago Board of Trade March soyabean futures were up 7-1/4 cents at $10.34-1/4 a bushel. The US Agriculture Department on Monday morning reported weekly soyabean export inspections of 1.636 million tonnes, topping market forecasts that ranged from 900,000 to 1.2 million. It also revised its week-ago soya export inspections total to 1.637 million tonnes from 1.631 million.
Wheat prices were also curbed by easing concerns about potential winter damage in the northern hemisphere, including in the Black Sea exporting region.
CBOT soft red winter wheat for March delivery was down 3-1/2 cents at $4.26-3/4 a bushel.
CBOT March corn futures were 1-1/2 cents lower at $3.63-3/4 a bushel.
Corn rose early in the session but turned lower after failing to hold support above its 200-day moving average. Expectations of renewed fund buying limited the declines. The US Commodity Futures Trading Commission's weekly commitments report released on Friday afternoon showed non-commercial traders reverted to a net short position in CBOT corn in the week to Jan. 31.