Corn tracked wheat and soya higher, but gains were restricted by sluggish exports and concerns that lofty prices were hurting demand from livestock feeders. Soyabeans advanced because of traders' concerns that overly wet weather in No 3 exporter Argentina and persistently dry conditions in southern areas of Brazil, the world's largest supplier after the United States, would trim production at a time when global supplies were uncomfortably tight.
"The weather in South America is now front and centre. There's been a less-than-ideal start to planting and the market is building back in a weather premium after that really sharp selloff we saw in soyabean futures in November," said Brian Basting, commodity research analyst with Advance Trading.
Chicago Board of Trade January soyabeans rose 14 cents, or 1 percent, to $14.52-3/4 per bushel by 11:50 am CST (1750 GMT), briefly rising above its 200-day moving average of $14.62-1/4 before slipping back. Corn futures retreated from early gains as sluggish exports limited buying interest. CBOT March futures added just 1/4 cent to $7.53 a bushel.
The US Department of Agriculture on Monday said only 9.6 million bushels of corn were inspected for export last week, just a quarter of the total in the same week a year earlier and season-to-date shipments were only half of last year's pace. CBOT March wheat rose 1-1/2 cents, or 0.2 percent, to $8.65 per bushel after shedding 2.5 percent on Friday.