US grain and soyabean futures weakened on Monday as optimism faded over prospects for a trade deal with China.
The markets focused on the trade conflict after US President Donald Trump on Saturday raised doubts about whether there had been an agreement to lift tariffs.
US farmers have been hoping for an interim trade agreement to ease the dispute that has slowed shipments of American farm products, including soyabeans, grain sorghum and pork, to China for more than a year.
"We've got more questions," said Jim Gerlach, president of Indiana-based broker A/C Trading. "Are they or aren't they on the trade?"
The most active soyabean contract was down 12 cents at$9.19 a bushel at the Chicago Board of Trade by 11:30 a.m. CST (1730 GMT). The most-active corn contract was down 2 cents at $3.75-1/4 a bushel. CBOT's most active wheat contract fell 3-1/4 cents to $5.07 a bushel.
The trade war is important for the markets because China is the world's largest importer of soyabeans and bought $12 billion worth of the oilseed from the United States in 2017. Shipments tumbled after Beijing imposed steep tariffs on imports of US soya and other farm goods.
Crop prices came under further pressure as traders were expecting drier US weather to help farmers wrap up corn and soyabean harvests that have been delayed by cold, wet weather. More snow and rain fell in parts of the Midwest on Monday. The extended weather outlook calls for moderating temperatures and "mostly open weather," said Rich Feltes, head of market insights for US broker RJ O'Brien.
The US Department of Agriculture will issue an update on harvest progress in a weekly report due out on Tuesday, one day later than normal due to the Veterans Day holiday.