Corn edged lower on outlooks for US rains later this week. Much of the US corn crop pollinates in July while the
key development period for soybeans is August.
Front-month CBOT August soybeans notched small gains earlier in the session but ran into upside resistance near their 10-day moving average, settling down 4 cents at $9.85 per bushel. New-crop November soybeans were also off 4 cents, at $9.97-1/2 per bushel.
CBOT August soymeal settled down $1.90 at $321.80 per ton and August soyoil off 0.23 cent to 33.01 cents per pound, with each tracking losses in soybean futures.
Analysts surveyed by Reuters expected the US Department of Agriculture to reduce US soybean good-to-excellent condition ratings by 1 percentage point in a weekly report due later on Monday.