Corn and soybean futures managed modest gains on Monday, supported by bargain buying, while wheat ended mixed.
Both corn and soybean futures traded down to around three-year lows last week amid ongoing expectations of large world supplies and just tepid export demand for American crops. Further pressure today came from good rains in Argentina over the weekend, which should boost production prospects there. However, weekly US corn export inspections came in higher than expected, offering some support.
The USDA will hold its annual outlook forum later this week, with the government offering its latest US corn, soybean, and wheat planted area estimates for the upcoming 2024 growing season.
March corn was up 1 ½ cents at $4.30 ½, and December added a penny to $4.69 ¼. March beans climbed 9 ½ cents to $11.93 and November was up a nickel at $11.68 ¾.
Reports attributed the mixed close in wheat to technical factors, weak export demand and heavy competition in the international market from the Black Sea region.