Chicago Board of Trade (CBOT) grains closed lower on Monday, with corn futures falling to a roughly three-week low.
Wheat declined to the lowest in one week as grain prices were pressured by position squaring ahead of government crop reports due on Friday.
The most active corn contract for March delivery fell four cents, or 1.14 percent, to settle at 3.4725 dollars per bushel. March wheat delivery went down three cents, or 0.7 percent, to close at 4.2775 dollars per bushel. March soybeans dropped four cents, or 0.41 percent, to settle at 9.6675 dollars per bushel.
CBOT floor brokers report that funds have sold 14,000 contracts of corn, 6,500 contracts of soybeans, and 500 contracts of wheat.
The U.S. Department of Agriculture on Monday said about 1.2 million tons of U.S. soybeans were inspected for export in the latest week ending Jan. 4 as well as 849,226 tons of corn and 234,418 tons of wheat.
Analysts suspect the government will reduce its forecast for 2017-2018 sales in Friday's World Agricultural Supply and Demand Estimates Report. Export sales this year are down from a year ago amid high world supplies.
Wheat declined to the lowest in one week as grain prices were pressured by position squaring ahead of government crop reports due on Friday.
The most active corn contract for March delivery fell four cents, or 1.14 percent, to settle at 3.4725 dollars per bushel. March wheat delivery went down three cents, or 0.7 percent, to close at 4.2775 dollars per bushel. March soybeans dropped four cents, or 0.41 percent, to settle at 9.6675 dollars per bushel.
CBOT floor brokers report that funds have sold 14,000 contracts of corn, 6,500 contracts of soybeans, and 500 contracts of wheat.
The U.S. Department of Agriculture on Monday said about 1.2 million tons of U.S. soybeans were inspected for export in the latest week ending Jan. 4 as well as 849,226 tons of corn and 234,418 tons of wheat.
Analysts suspect the government will reduce its forecast for 2017-2018 sales in Friday's World Agricultural Supply and Demand Estimates Report. Export sales this year are down from a year ago amid high world supplies.
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