Chicago agricultural commodities settle mixed

Chicago Board of Trade (CBOT) grains futures close mixed Monday with soybean futures firmed on spillover strength from a rally in China as well as signs of good export demand.

Corn retreated on technical selling, traders said, while profit-taking weighed on wheat following a 2.4 percent rally last week.

The most active corn contract for March delivery fell 1.5 cents, or 0.41 percent, to 3.6375 dollars per bushel. March wheat delivery fell 7.75 cents, or 1.8 percent, to 4.225 dollars per bushel. March soybeans added 10.25 cents, or 0.99 percent, to 10.25 dollars per bushel.

The U.S. Agriculture Department on Monday morning reported weekly soybean export inspections of 1.636 million tonnes, topping market forecasts that ranged from 900,000 to 1.2 million. It also revised its week-ago soy export inspections total to 1.637 million tonnes from 1.631 million.

But expectations of robust soybean crops in Brazil and Argentina kept gains in check.

"South American weather forecasts remain largely non-threatening," said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.

Wheat prices were also curbed by easing concerns about potential winter damage in the northern hemisphere, including in the Black Sea exporting region.

Rising competition on the export market added pressure to wheat.

Brazil, traditionally one of the world's largest wheat importers, has exported several shipments of the grain recently as a large domestic crop and a government subsidy make the exports competitive abroad, according to data from ports.

Corn rose early in the session but turned lower after failing to hold support above its 200-day moving average. Expectations of renewed fund buying limited the declines. Enditem