Grain futures on the Chicago Board of Trade were mixed on Monday, with wheat surging as heavy rain in Australia further threatened its wheat crop and disrupted grain movement. In addition, a lack of snow cover in the southern US Plains has made frigid temperatures more worrisome for wheat. Signs of strong export demand also underpinned prices.
Front-month corn was lower, and soyabeans were down sharply on forecasts for cooler weather and greater precipitation in Argentina. Hot and dry weather in Argentina has fuelled a rally in soyabeans and corn for much of the last month. In addition, the US Department of Agriculture's export inspections were below expectations at 20.151 million bushels for soyabeans, 10.305 million bushes for wheat and 15.616 million for corn.
CBOT trends at 10:42 am CST (1642 GMT) on Monday: March wheat up 24-3/4 cents at $8.19 per bushel. March corn down 1 cent at $6.28 per bushel. January soyabeans down 8-3/4 cents at $13.85 per bushel.
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