Soybeans started the week in positive territory posting double-digit gains and at one point hitting the $9.99 mark in the night session. Corn and wheat were slumping however.
Malaysian palm oil futures climbed to their strongest levels in a week in early trade on Monday. Palm oil futures for January were up 3.4 percent. Nearby Dec soybean oil futures were also surging, gaining 2.4 percent in the night trade.
Weekend weather was nearly ideal for harvest with rain keeping confined to the far East and Northwest of the country, while the Midwest was dry. Northern U.S. Midwest will receive rain Tuesday into Thursday of this week
With totals of 0.50 to 2.50 inches likely. US corn harvest is estimated to be 60-65% completed and beans at 75-80%.
Russian wheat export prices rose for the fifth consecutive week on continuing demand from Egypt, the world's largest wheat importer, analysts said on Monday. Egypt's state grain buyer acquired 120,000 tonnes of Russian wheat on Oct. 20 in its third tender since the start of October.
Black Sea prices for Russian wheat with 12.5 percent protein content were at $175 a tonne on a free-on-board (FOB) basis at the end of last week, up $1 from a week earlier, Russian agricultural consultancy IKAR said in a note.
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