Strength in corn supportive to wheat futures but profit-taking noted as most-active contract hit fresh six-year peak during the overnight trading session.
Corn futures expected to rally for the 15th day in a row as most-active contract hit highest in 6-1/2 years overnight
The market is waiting for Dec. 1 to 31 palm oil production and export data, as well as Malaysian Palm Oil Board December supply and demand data where end-stocks are expected to fall to 1.4 million tonnes, Bagani said.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 12 ringgit, or 0.34%, to 3,530 ringgit ($871.60) a tonne during early trade.
Since last week no soybean trucks have entered terminals at the country's main grains hub of Rosario, from which about 80% of Argentina's farm exports are shipped.
The resistance is identified as the 176.4% projection level of an upward wave 3 from $4.20-1/2. This wave is expected to travel into a range of $4.45-1/2 to $4.47-3/4.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange climbed for a third consecutive session, closing 65 ringgit higher at 3,443 ringgit ($852.76).
Bangladesh issued a new tender to purchase 50,000 tonnes of rice closing on Dec. 28, while another tender for a similar volume is due to open on Dec. 22.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed 12 ringgit higher, or 0.4pc, at 3,377 ringgit a tonne.
The market expects output in December to remain squeezed as rainy weather brought on by La Nina is expected to persist until the first quarter of next year.
Prices for the top exporter's 5% broken parboiled variety rose to $378-$383 per tonne, their highest since the week of Sept. 24, from $375-$381 last week.