Soybeans Ease From Two Week High, Wheat Prices Rebound
Chicago soybean futures slid on Monday to give up some of their gains from the last session, although concerns over adverse weather in top exporter Brazil kept a floor under the market.
Wheat rose for the first time in three sessions, with prices supported by expectations of strong demand for U.S. supplies.
The Chicago Board of Trade most-active soybean contract had dropped 0.2% to $9.23-1/2 a bushel by 0306 GMT, having climbed to its highest since Jan. 9 at $9.26 a bushel on Friday.
Wheat gained 0.4% to $5.22-1/4 a bushel, while corn was unchanged at $3.80-1/4 a bushel.
"China bought 5 million tonnes of U.S. beans but there is little evidence of any further purchases," said one Singapore-based trader.
"We are expecting higher demand for U.S. wheat from April onwards as there is little surplus left in the Black Sea region."
Adverse weather is expected to curb soybean production in Brazil.
The state of Parana, Brazil's second-largest soybean producer, on Thursday cut the forecast for its 2018-19 harvest to 16.8 million tonnes from 19.1 million tonnes, after a dry spell last month.
Traders were also adjusting positions ahead of U.S.-China trade talks scheduled in Washington on Jan. 30 and 31. China is by far the world's largest soybean buyer.
In Russia, the world's biggest wheat exporter, rising prices, suggestions of stricter export inspections and a truck driver dispute have fuelled expectations the country will fade from wheat export markets and leave more room for shipments from other suppliers like the United States.
Still, there has been limited evidence so far of an upswing in U.S. exports, and Russia's Sovecon agriculture consultancy on Friday raised its forecast of Russia's 2018/19 wheat exports to 35.6 million tonnes from 35.1 million tonnes previously.