"Trade has been on both sides of unchanged since the start of today's session as we see final positioning ahead of the January reports being released," said MaxYield Cooperative analyst Karl Setzer in a note to clients. The agency is expected to estimate US winter wheat seedings at their lowest since 2009, reduce its US corn export forecast and peg the December 1 US corn supply at the highest ever, analysts said.
Chicago Board of Trade March soyabean futures fell 3 cents, or 0.4 percent, to $8.58-1/4 a bushel by 10:12 am CST (1612 GMT), weighed down by plentiful global supplies. Brazil's government crop supply agency Conab on Tuesday trimmed its 2015/16 soya crop outlook slightly to 102.1 million tonnes, which would still be the largest ever.
Traders shrugged off USDA confirmation of sales of 140,000 tonnes of US soyabeans to an unknown destination, announced by the agency earlier in the day. CBOT March corn shed 3/4 cent to $3.51 a bushel, hovering above technical support around $3.50.
CBOT March wheat dropped 2 cents, or 0.4 percent, to $4.67 a bushel after closing down nearly 2 percent in the previous session when prices hit a near three-week intra-day high of $4.81-1/2 a bushel. Wheat prices dropped to a five-year low last week, pressured by huge global stockpiles. Adding pressure to wheat, updated weather models called for milder weather in the central and southern US Plains wheat belt later this week following a weekend cold snap.