WHEAT - Down 4 to 5 cents per bushel
Lower on plentiful global supplies and technical selling, with CBOT September wheat falling to a seven-week low of $4.55-1/2 per bushel ahead of the daily break in trade. Disappointing weekly US export sales add pressure.
The US Department of Agriculture reported export sales of US wheat in the latest week at 145,500 tonnes, a marketing year low that fell below a range of trade expectations for 300,000 to 500,000 tonnes.
CBOT September soft red winter wheat last traded down 4-3/4 cents at $4.56 per bushel; K.C. September hard red winter wheat fell 5-1/4 cents at $4.59-1/4 and MGEX September spring wheat declined 8-1/2 cents at $7.13-3/4.
CORN - Down 2 to 3 cents per bushel
CBOT December corn contract dipped to $3.75 a bushel, its lowest since June 26, weighed down by technical selling as well as improving US weather that should bolster crop production prospects. Smaller-than-expected weekly export sales add pressure.
Radar showed beneficial rains falling in Iowa and Minnesota, and forecasts call for mild temperatures in the Corn Belt through mid-August as the crop fills kernels.
The USDA reported export sales of US corn in the latest week at 475,000 tonnes (old and new marketing years combined), below a range of trade expectations for 500,000 to 900,000 tonnes.
CBOT December corn last traded down 3-1/2 cents at $3.75-1/2 per bushel.
SOYBEANS - Down 12 to 14 cents per bushel
Lower on rains in the US Midwest that should bolster soybean yield potential. Technical selling is noted as the most-active November contract dipped to $9.58-3/4 a bushel, its weakest since June 30, dropping below chart support at its 50-day moving average near $9.65.
Mild temperatures are forecast in the US Midwest through mid-August as the soybean crop continues its key pod-setting phase.
The USDA reported export sales of US soybeans in the latest week at 600,900 tonnes (old and new marketing years combined), in line with trade expectations for 350,000 to 750,000 tonnes.
The CBOT reported 47 deliveries against August soybean futures.
Malaysian October palm oil futures fell 1.44 percent on forecasts for rising output and weaker performing related edible oils.
CBOT November soybeans last traded down 14 cents at $9.63-1/2 a bushel.