WHEAT - Down 6 to 8 cents per bushel
Harvest pressure is weighing on hard red winter wheat and soft red winter wheat futures after the US Agriculture Department raised its estimate of the 2017/18 US crop. Profit-taking is expected to be featured following a sharp rally last week. Forecasts for some much-needed rain in parts of US Plains are pressuring MGEX spring wheat futures, which hit a two-year high last week.
CBOT July soft red winter wheat was last down 6-3/4 cents at $4.39 cents per bushel, K.C. July hard red winter wheat was last down 6-1/4 cents at $4.45-1/4 a bushel and MGEX July spring wheat was last down 9 cents at $5.97-1/2 a bushel.
CORN - Down 5 to 7 cents per bushel
Forecasts for rain in the US Midwest pressure prices as the crop heads to key development phases. Profit-taking is expected following six straight days of gains.
CBOT July corn was last down 6-1/4 cents at $3.81-1/2 a bushel.
SOYBEANS - Down 5 to 7 cents per bushel
Traders say market toppy after rising for six sessions in a row, with the rally stalling out at two-week high last week. Concerns about exports are adding pressure on talks that China has ramped up checks on imports of genetically modified beans. Benchmark CBOT July soybean futures contract fell through the 20-day moving average during overnight trading.
US Agriculture Department on Monday morning said that private exporters reported the sale of 130,000 tonnes of soybeans to unknown destinations during the 2016/17 marketing year.
CBOT July soybeans were last down 5-3/4 cents at $9.35-3/4 per bushel.