OREANDA-NEWS. February 10, 2015. Chicago wheat futures edged lower in hesitant trade on Monday ahead of a US government supply and demand report set to be closely watched after prices slid to a four-month low early last week on ample global supplies.

Soybeans and corn were capped by forecasts of large crops in South America and weak Chinese import data that raised fears of slowing demand from the world's largest buyer.

Chicago Board Of Trade March wheat dropped 0.4 percent to \\$5.23-3/4 a bushel by 1253 GMT. It hit \\$5.34 a bushel on Friday, the highest since Jan. 26.

The March soybeans contract was unchanged at \\$9.73-1/2 a bushel, having closed down 0.8 percent on Friday, while corn fell 0.3 percent to \\$3.84-1/2 a bushel after gaining 0.1 percent in the previous session.

The US Department of Agriculture's will release its world agricultural supply and demand estimates (WASDE) on Tuesday.

"Markets are adjusting their positions before the publication of the monthly report," French ODA consultancy said in a note, adding that there was little change expected.

Egypt's state grain buyer could soon announce tenders to buy wheat of US origin to make use of a \\$100 million credit line made available to it by the United States.

Top wheat importer Egypt has been snapping up cheaper cargoes from France over the past few months. It was the No.1 destination for French soft wheat exports in December for the second month in a row.

The soybeans market is being weighed down by slowing demand from China, which accounts for more than 60 percent of global soybean imports.

China imported 6.88 million tonnes of soybeans in January, down 19.3 percent from 8.53 million tonnes in December, figures from the General Administration of Customs of China showed.

China's overall trade performance slumped in January, with exports falling 3.3 percent from year-ago levels and imports tumbling 19.9 percent, far worse than analysts had expected and highlighting deepening economic weakness.

Brazil and Argentina are on track for record soybean crops this year following all-time high production in the United States last year.