Had funds got all their selling out of the way already, in that great switch from agricultural commodities to energy?
There was certainly a huge influx into oil in the seven days to February 22, US regulatory data showed, with speculators' bets on increasing crude prices rising to record levels.
Whatever, the end-of-month position closing that crop investors brace for at month ends failed to bring broad weakness to farm commodity markets.
Indeed, with oil seeing a down day, as Middle East tensions appeared to ease, Chicago grains and New York softs enjoyed a flying finish, with only oilseeds providing succour for the bullish in sentiment.
'Very heavy deliveries'
Not that grains didn't have their negative moments. Chicago wheat was down more than 1% at one time, after data showed deliveries against the expiring March contract, at 1,700 lots, far bigger than had been expected.
"Wheat deliveries in Chicago were very heavy," Darrell Holaday at Country Futures said.
Strong deliveries are viewed as an indication that futures prices may be generous compared with the values offered on cash markets.
But corn held up the grain complex with delivery data showing only 164 lots.
"This was much lower than expected and illustrates the tighter corn supply in the central to eastern Corn Belt," Mr Holaday said.
'Driest areas left out'
Furthermore, there were some fundamental snippets for wheat bulls to latch on to, with Saudi Arabia buying four cargoes of US wheat (and a Brazilian one) over the weekend, and the US hard red winter wheat crop continuing to suffer from a lack of rains.
"The southern plains did receive moisture. However, many of the driest areas were left out," Benson Quinn Commodities said.
Chicago corn for March closed up 1.5% at $7.22 ?a bushel, taking total gains this month nearly to 10%, with the better-traded May lot adding 1.3% to $7.31 a bushel.
Wheat for March ended up 0.8% at $7.82 ?a bushel, and by 0.7% to $8.17 a bushel for May delivery.
Still, this wasn't enough to prevent the near-term ending the month lower, by 7%, after being sold-off particularly in the flight to oil.
Sliding beans
Soybeans ended lower on both the day, down 0.6% to $13.57 ?a bushel for March delivery, and the month, down 4%, the first monthly fall for a near-term lot in six months.
The May contract closed Monday down 0.8% at $13.64 ?a bushel.
The oilseed had one strong card to play ?no deliveries against the March lot. However, this ace was compromised by heavy delivery against soymeal and, especially, soyoil.
Furthermore, things are getting better and better for the Argentine crop, after its drought-afflicted start.
"Good rains in Argentina are seen improving the soy growing areas," US Commodities said.
And there were rumours of Chinese state grain buyers being asked to suspend purchases temporarily to slow food inflation. Given China is the top soybean importer, and a small time corn and wheat buyer (at present, anyway), such a moratorium would be particularly important for the oilseed.
Sugar bought back
China was more helpful to cotton, in terms of a limit-up close for the fibre on its Zhengzhou exchange helping beget the same in New York, where the May lot added 3.8% to 191.23 cents a pound.
And the fibre wasn't the only soft commodity to enjoy a firm day, with cocoa for May rising 1.5% to $3,695 a tonne in New York, a fresh 32-year high for a spot contract, boosted by continuing tensions in Ivory Coast, the top exporting country.
Sugar for May, the most active contract, gained 2.5% to 29.45 cents a pound, supported by a downgrade by the International Sugar Organization to its supply forecast, and a feeling that the extent of its sell-off earlier in the month was unwarranted ?especially for a crop which can be turned into biofuel.
"The market has rebounded on short covering due in the main to the further increase in grains values, allied to the rising oil market," Nick Penney, at Sucden Financial said.
