Soyabean futures were narrowly lower at the Chicago Board of Trade amid analyst expectations that the USDA would boost US soya ending stocks and estimates for Brazilian soya output. "Rather than rolling over, the wheat market is in more of a correction phase," EFG Group analyst Tom Fritz said.
CBOT March wheat was up 3-3/4 cents at $4.31-1/2 per bushel and CBOT March corn was up 2 cents at $3.49-1/4 as of 11:46 am CST (1746 GMT). CBOT March soyabeans were down 3 cents at $9.63-1/4, a decline of 0.3 percent, pressured in part by a 1 percent drop in CBOT soyameal futures.
The state grain buying agency for top global wheat importer Egypt said it purchased 115,000 tonnes of Russian wheat in a tender. The agency initially received no offers, and then offers for wheat at prices higher than Egypt's last wheat tender in December. Stronger wheat prices in Russia helped to support US wheat futures, traders said.
Warmer temperatures this week in the US Plains had alleviated some concerns that dormant winter wheat plants could be damaged. That weighed on futures on Monday, but some dealers were on the sidelines ahead of the USDA reports, limiting participation in futures trading.