Chicago wheat, corn, soybeans lower despite weak U.S. dollar

Chicago Board of Trade (CBOT) agricultural commodities fell across the board on Monday, although the U.S. dollar showed weakness, supporting dollar-denominated commodities.

The most active corn contract for December delivery lost 6.25 cents, or 1.68 percent, to close at 3.6675 U.S. dollars per bushel. December wheat delivery dropped 21.5 cents, or 4.11 percent, to close at 5.0175 dollars per bushel. November soybeans shed 1 cents, or 0.12 percent, to close at 8.6625 dollars per bushel.

Chicago wheat futures shed more than 4 percent on Monday as improving weather in major wheat producing areas added concerns that increasing global supplies will suppress demand for U.S. wheat.

Corn prices came under pressure from wheat slump and downbeat export sales, slipping for a third session in a row.

The U.S. Department of Agriculture (USDA) said on Monday soybean inspections through the week ending Nov. 5 fell by almost 21 percent from the prior week; corn shipments were down more than 38 percent from the previous week; and wheat exports logged a over-65-percent rise.

For their respective crop years to date, the U.S. has shipped 5,538,691 metric tons of corn, down about 25 percent from a year ago; 9,333,305 tons of wheat, down more than 17 percent from the previous year, while 14,035,032 tons of soybeans, up almost 4 percent from last year, the USDA said.

The weekly exports of all crops were at the lower end of trade expectations, analysts said, and corn and wheat shipments remained still well below the pace needed to hit the USDA's forecasts.

Meanwhile, soybeans fell slightly ahead of a monthly USDA supply and demand estimate report on Tuesday. Enditem