SYDNEY: US soybeans fell nearly 1 percent on Monday as investors squared positions ahead of a widely watched US Department of Agriculture report.
Corn fell for the first time in seven sessions, while wheat eased nearly 0.5 percent.
The most active soybean futures on the Chicago Board of Trade had fallen 0.79 percent to $9.72-1/4 a bushel by 0207 GMT, near the session low of $9.70-3/4 a bushel. Soybeans firmed 0.36 percent on Friday.
Driven by recent strong demand for US exports, soybeans hit a two-week peak last week, though analysts said the forthcoming USDA report would pressure that trend.
"The market's ideas about supply though will be tested by tonight's (USDA) update, analysts are expecting a slight upward revision to US yields," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.
The USDA is likely to raise its soybean yield forecast in its September supply and demand outlook due 1600 GMT on Monday, according to a Reuters poll of analysts.
The USDA is expected to raise its estimate for average soybean yields to 49.2 bushels per acre, up from 48.9 bushels per acre in August.
The most active corn futures fell 0.37 percent to $3.39-3/4 a bushel, having gained 0.74 percent in the previous session when prices hit their highest since Aug. 23 at $3.42.
The USDA is expected to reduce its corn yield forecast, reflecting lower yields. The USDA is expected to estimate corn yields at 173.4 bushels per acre, down from 175.1 bushels per acre.
US Commodity Futures Trading Commission data released after the close of trading on Friday suggested that speculative investors also were bearish, with speculators expanding their net short corn bet in corn to the largest in more than four months.
The most active wheat futures fell 0.5 percent to $4.01-1/2 a bushel, having closed down 0.62 percent on Friday.
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