Grains mixed; corn, soy fall with South American weather in focus

Investing.com - U.S. grain futures were mixed on Monday, with corn and soybean prices falling after updated weather forecasts pointed to favorable conditions in key growing regions in Argentina and Brazil.

The weather is critical for soy and corn development as much of the South American crop is in its yield-determining pollination phase.

On the Chicago Mercantile Exchange, corn futures for March delivery traded at USD4.2813 a bushel during European afternoon trade, down 0.2%. The March contract traded in a range between USD4.2588 a bushel and USD4.2813 a bushel.

CBOT March corn settled up 0.12% on Friday to end at USD4.2940 a bushel.

Meanwhile, soybeans futures for March delivery were flat to trade at USD12.8538 a bushel. Prices of the oilseed held in a range between USD12.8300 a bushel and USD12.8938 a bushel.

The March soy contract fell to USD12.6340 a bushel on Friday, the lowest since January 2, before turning higher to end at USD12.8460 a bushel, up 0.61%.

Soybean pricing remained supported amid ongoing indications of robust export demand for U.S. supplies.

Elsewhere on the CBOT, wheat for March delivery traded at USD5.6788 a bushel, up 0.5%. Wheat prices traded in a range between USD5.6538 a bushel and USD5.6888 a bushel.

The March wheat contract settled down 0.83% on Friday to end at USD5.6520 a bushel.

Wheat prices have been under heavy selling pressure in recent sessions as increased global production underlined concerns over ample supplies.

Prices of the grain plunged to a three-and-a-half year low of USD5.6040 a bushel on January 10 after the U.S. Department of Agriculture forecast global wheat supplies at 185.4 million tonnes, up 1.4% from a December estimate of 182.8 million tonnes.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.