Chicago Board of Trade corn futures slipped lower on Monday, as profit-taking saw corn paring most of its gains from the previous session, traders said. CBOT March corn settled down 1-3/4 cents at $3.81-3/4 per bushel.

Traders said the commodities market was waiting for proof of fresh Chinese demand - and expect some of those cues to come from the closely watched US Department of Agriculture's monthly supply and demand forecast report, set to be released on Tuesday. Chinese President Xi Jinping told US President Donald Trump that China would still meet its Phase 1 trade deal purchasing targets despite delays linked to the coronavirus, White House adviser Larry Kudlow told Bloomberg Television.

Fears that the fast-spreading coronavirus would hamper demand have hung over commodity markets. A prolonged and widespread coronavirus outbreak could hit Japan's economy, affecting tourism, retail and exports, among other areas, a senior International Monetary Fund official warned.