NOTE: The US Department of Agriculture is scheduled to release its monthly supply/demand reports along with US winter wheat plantings and quarterly grain stocks reports on Friday, Jan. 12.
WHEAT - Down 1 to 2 cents per bushel
Heading lower for a fourth straight session on technical selling ahead of the USDA's reports on Friday and strong competition for global export business amid plentiful world wheat supplies.
Egypt's main state grain buyer received seven offers in an international purchase tender for wheat, traders said, following a meeting with suppliers who initially made zero bids.
Egypt's Agriculture Ministry said it would form a committee to revise legislation governing the work of the agricultural quarantine authority, which has rattled world grain markets by turning away several wheat cargoes since 2016.
CBOT March soft red winter wheat last traded down 1-3/4 cents at $4.26 per bushel. K.C. March hard red winter wheat was down 1 cent at $4.32-1/4, and MGEX March spring wheat was down 1-3/4 cents at $6.23-3/4.
CORN - Up 1 to 2 cents per bushel
Modestly higher in a technical bounce a day after the March contract fell to a three-week low of $3.46-3/4 a bushel. Short-covering emerged as preliminary CME Group data showed open interest in CBOT corn futures rose by more than 42,000 contracts on Monday as prices fell, an indication of new short positions.
China's state grains stockpiler Sinograin sold corn from its stockpiles at prices in line with the recent market gains amid concerns of falling supply during the next year because of cuts in plantings even as demand remains strong.
CBOT March corn last traded up 1-1/4 cents at $3.48-1/2 per bushel.
SOYBEANS - Down 3 to 4 cents per bushel
Heading lower for a second session on technical selling ahead of USDA's supply/demand reports on Friday. Analysts on average expect the USDA to raise its forecast of US 2017/18 soybean ending stocks, and raise its estimate of Brazil's soybean crop.
CBOT reported 21 deliveries against expiring January soybean contract, along with 170 January soymeal deliveries and 214 January soyoil deliveries.
CBOT March soybeans last traded down 3-3/4 cents at $9.63 per bushel.