Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Corn retreated on technical selling, traders said, while profit-taking weighed on wheat following a 2.4% rally last week.
The most active Corn contract for March delivery fell 1.5 cents, or 0.41%, to 3.6375 bu.
March Wheat delivery fell 7.75 cents, or 1.8%, to 4.225 bu.
March Soybean added 10.25 cents, or 0.99% , to 10.25 bu.
The U.S Agriculture Department (USDA) Monday morning reported weekly soybean export inspections of 1.636-M tonnes, topping market forecasts that ranged from 900,000 to 1.2-M tonnes. It also revised its week-ago Soy export inspections total to 1.637-M tonnes from 1.631-M tonnes.
But expectations of robust Soybean crops in Brazil and Argentina kept gains in check.
“South American weather forecasts remain largely non-threatening,” said the director of agricultural strategy at the Commonwealth Bank of Australia.
Wheat prices were also curbed by easing concerns about potential winter damage in the northern hemisphere, including in the Black Sea exporting region.
Rising competition on the export market added pressure to Wheat.
Brazil, traditionally 1 of the world’s largest Wheat importers, has exported several shipments of the agriculture grain recently as a large domestic crop and a government subsidy make the exports competitive abroad, according to data from ports.
Corn rose early in the session but turned lower after failing to hold support above its 200-Day MA. Expectations of renewed fund buying limited the declines.