Wheat retreats from near one-month high

HAMBURG, Apr 10 (Reuters): US wheat futures fell on Tuesday, retreating from Monday's near one-month high, as some traders regarded the market had over-reacted to fears of cold weather stressing US crops.
Traders were positioning ahead of world supply and demand estimates later on Tuesday from the US Department of Agriculture (USDA).
Soybeans rose as traders shrugged off a trade war between the United States (US) and China, focusing on a likely reduction in Argentina's soybean crop. Corn followed wheat lower.
Chicago Board of Trade May wheat was down 1.07 per cent at $4.85-1/2 a bushel by 1022 GMT. Wheat surged almost 4.0 per cent on Monday, after weekend temperatures dipped below freezing in the US Plains wheat belt.
May soybeans rose 0.3 percent to $10.50-1/2 a bushel. May corn fell 0.1 per cent to $3.90 a bushel.
"Overall markets seem to be becoming more calmer after the sharp moves caused by the US/China trade tension last week while there is positioning ahead of the USDA report later on Tuesday," said Matt Ammermann, commodity risk manager with INTL FCStone.
"Wheat is seeing a slight pullback after its big rise on Monday, with some market participants regarding the rise as overdone. But the big picture is that US wheat remains supported as the US Plains are still looking dry. US wheat crop condition figures were not looking favourable."
"Soybeans are looking strong as the USDA is expected to further cut its forecast of Argentina's soybean harvest later today," Ammermann said. "Soybean markets also seem to be stabilising after the almost panic reaction last week to the US/China trade war."