Chicago Board of Trade corn and soyabean futures weakened on Monday but recovered from lows put in early in the session as a wave of bargain buying hit the beaten-down grains markets, traders said. Wheat prices edged higher after their weak open despite a surplus of world stocks and poor prospects for US supplies on the export market.
At 10:54 am CST (1654 GMT), Chicago Board of Trade January soyabean futures were down 1 cent at $11.06 a bushel. Prices hit a low of $10.95 earlier in the session, their lowest level since October 8, 2010. CBOT March corn dropped 1 cent to $5.93-1/4 a bushel. The front-month December contract, which expires this week, gained 2-1/2 cents to $5.88 a bushel. CBOT January soft red winter wheat rose 2-3/4 cents to $5.98-3/4 a bushel. Expiring December wheat rose 5 cents to $5.78-1/2.