Analysts expect the USDA's March 31 planting intentions report to show an expansion in US plantings of corn and soybeans compared to last year, while March 1 soybean stocks are expected to be down 32% from a year earlier.
The contract observes closely a set of projection levels on the uptrend from $13.36-3/4. After breaking below $14.20-1/2, it is falling towards $14.04-1/2.
Consultancy Strategie Grains on Thursday lowered its monthly forecast of soft wheat exports from the European Union and Britain in the 2020/21 season by 900,000 tonnes to 25.2 million to take account of a drop in demand, notably from China.
Wheat futures lower on improved US winter wheat condition ratings and ideas that Russia might relax grain export controls.
Weekly winter wheat condition ratings improved in the last week in Kansas and Oklahoma while holding steady in Texas, the US Department of Agriculture said Monday.
Wheat futures choppy following weekend storms that brought beneficial moisture to dry areas of the US Plains winter wheat belt.
Russian wheat export prices fell for a second consecutive week last week after the Russian origin lost a major tender in Egypt and CBOT wheat prices fell, analysts said.
CBOT wheat hovered near even overnight after a 1.5% drop Thursday, pressured by beneficial rains expected across the US Southern Plains.
China is scooping up supplies of US white wheat to feed livestock, pushing export forecasts for the grain usually used to make sponge cakes and noodles to a 27-year-high.