(Reuters) – U.S. corn futures edged lower on Monday as traders squared positions ahead of the publication of a widely watched U.S. government crop report later in the session.
FUNDAMENTALS
* Chicago Board Of Trade March wheat was near unchanged at $5.63-1/2 a bushel, having closed down 0.5 percent on Friday.
* March soybeans were also little changed at $10.52 a bushel, having firmed 0.4 percent on Friday.
* March corn fell 0.1 percent to $3.99-3/4 a bushel, having gained 1.5 percent in the previous session.
* On Monday, the U.S. Department of Agriculture will publish its world grain supply and demand forecasts, quarterly U.S. grain stocks estimates and a first estimate of the 2015 U.S.
wheat area.
* Wheat under pressure as U.S. offerings are seen too expensive to attract export business amid ample global supplies.
* USDA said that private exporters reported the sale of 136,000 tonnes of corn to South Korea, as well as 116,000 tonnes of sorghum to unknown destinations.
MARKET NEWS
* The dollar nursed losses early on Monday, having suffered a setback after an unexpected fall in U.S. wages tainted what was otherwise a robust report on the labor market.
* U.S. crude oil prices slid in opening trade on Sunday evening while diesel futures rose after refineries in Philadelphia and Ohio were hit hard by fires over the weekend, curtailing production of fuels and demand for crude.
