CHICAGO: Chicago soybean futures climbed for a second session on Monday on short-covering and as a weaker US dollar raised hopes for fresh export sales.
Corn futures were narrowly mixed as support from fund short-covering and worries over a slow start to spring planting was offset by plentiful grain stocks and outlooks for favorable planting weather this week.
Wheat declined on abundant stocks but held above Friday's contract lows.
The US dollar fell on relief over Emmanuel Macron's victory against anti-euro nationalist Marine Le Pen in the first round of France's presidential elections. A weaker greenback makes dollar-denominated grains more affordable for those holding other currencies.
Chicago Board of Trade July soybeans rose 6-1/4 cents, or 0.7 percent, to $9.67 a bushel by 11:58 a.m. CDT (1658 GMT), the contract's highest in a week.
CBOT July corn added 1/4 cent to $3.64 a bushel after hitting a near four-month low on Friday. CBOT July wheat shed 2-1/2 cents to $4.18-1/2 a bushel but held above Friday's contract low of $4.16-1/4.
"Even though planting is delayed, there's really not enough there to entice any fresh buying interest," said Karl Setzer, analyst with MaxYield Cooperative. "But in an oversold market, it doesn't take a lot to push it higher."
The US Department of Agriculture's weekly crop progress report is expected to show US corn planting was 15 percent complete as of Sunday, according to an average of estimates by 11 analysts polled on Monday, well behind last year's pace.
Still, mostly dry weather early this week should allow Midwest farmers to accelerate plantings before the next round of rain later this week.
Large speculators increased net short positions in CBOT corn futures in the week to April 18, regulatory data showed on Friday.
The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, increased net short positions in CBOT wheat and soybeans.
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