Chicago wheat, corn, soybeans trade lower on favorable weather

Chicago Board of Trade (CBOT) wheat, corn and soybeans began the week on a downbeat note Monday with wheat futures seeing sharp declines as favorable weather pressured new crop futures.

The most active corn contract for July delivery lost 4.75 cents, or 1.35 percent, to close at 3.4825 U.S. dollars per bushel. July wheat delivery shed 14.5 cents, or 2.88 percent, to close at 4. 8925 dollars per bushel. July soybeans dropped 2.25 cents, or 0.24 percent, to close at 9.3775 dollars per bushel.

"July Chicago wheat fell below its 50-day moving average which has triggered additional fund related selling. New seasonal low closes in corn and new crop soybeans will likely spur some additional selling on the week," said AgResource company, a Chicago-based agricultural research institute.

The U.S. weekly export inspections released by the U.S. Department of Agriculture (USDA) on Monday showed that soybeans and corn shipping pace were above trade expectations.

Soybean inspections through the week ending June 11 totaled 226, 614 metric tons, up 4.5 percent from the prior week. Corn shipments exceeded 1.1 million metric tons, up almost 47 percent from the previous week. Wheat shipments totaled 377,847 metric tons, up 21 percent from the previous week.

The midday weather model is drier and warmer beyond the next five days as a ridge of high pressure builds across the Southeastern U.S.. The best rain chances would emerge across the Northern Plains and the Northern Midwest crop areas that desire additional moisture. Near to above normal rainfall is advertised for the Midwest through the 11- to 15-day period with warm temperatures, according to the Global Forecast System. Endite