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By Mark Weinraub
CHICAGO Feb 13 U.S. corn, soybean and wheat
futures were trading close to unchanged on Monday morning,
steadying after all three commodities posted sharp gains last
Prices recovered from overnight weakness on technical buying
but plentiful global supplies limited the potential upside for
the markets, traders said.
At 1026 a.m. CST (1626 GMT), Chicago Board of Trade March
soybean futures were up 1 cent at $10.60 a bushel. The
most-active contract hit a 2-1/2 week high on Friday.
Good weather in key crop-growing areas of South America
bolstered expectations of a bumper harvest in Brazil and
Argentina, with some analysts saying the U.S. Agriculture
Department's most recent production forecasts were too low.
"Local estimates from Brazil continue to come in higher than
USDA, and weather in Argentina appears to be improving, too.
Most of the growing region was dry over the weekend, and
forecasts do not show the threat of widespread heavy rains that
could cause flooding," Farm Futures senior analyst Bryce Knorr
said in a note to clients.
Brazil's Abiove said it expected local soybean production
would hit 104.6 million tonnes, up from its December forecast of
101.7 million. It pegged the country's soybean exports at 58.7
"Balance sheets remain heavy, particularly among the main
exporting countries, and that there is no major concern for the
2017 crops for the moment," French consultancy Agritel said in a
CBOT March soft red winter wheat futures were 1/4 cent
lower at $4.48-3/4 a bushel, consolidating after hitting a
seven-month high last week.
"There is a break in the upside trend which we saw in wheat
after the USDA report and (on the back of) improving demand for
U.S. wheat," said Kaname Gokon at brokerage Okato Shoji in
Tokyo. "There are plenty of supplies around in most exporting
countries which will limit the upside potential."
The Australian Bureau of Agriculture, Resource Economics and
Rural Sciences said the country's 2016/17 wheat harvest was a
record 35.13 million tonnes.
CBOT March corn was unchanged at $3.74-1/2 a bushel.
Corn futures hit a seven-month high on Friday.
(Additional reporting by Naveen Thukral in Singapore and
Sybille de La Hamaide in Paris; Editing by Richard Pullin,
David Holmes and W Simon)