Chicago agricultural commodities close lower on U.S. harvest outlook

Chicago Board of Trade (CBOT) grains futures close lower on Monday, as forecasts for good weather across much of the U.S. Midwest promised to clear the way for farmers to harvest what are expected to be record crops.

The most active corn contract for December delivery fell 0.25 cents, or 0.07 percent, to 3.365 dollars per bushel. December wheat delivery dropped 0.75 cents, or 0.18 percent, to 4.0475 dollars per bushel. November soybeans fell 21.5 cents, or 2.2 percent, to 9.55 dollars per bushel.

Soybean prices dropped, weighed down by a view for drier weather in the U.S. Farm Belt this week, which likely will help growers make progress collecting massive crops.

Last week, heavy rains drenched parts of the Midwest including major farm states like Iowa and Minnesota, fueling concerns over yield loss in some farmers' fields. However skies are expected to clear this week, allowing farmers to resume fieldwork and easing worries over damage to crops.

Corn futures fell, buffeted by harvest progress in the Midwest. Analysts say farmers in central Illinois are about half-done with the corn harvest, and a drier outlook elsewhere in the Midwest this week is offering hope that combines will roll uninterrupted through U.S. fields.

While yields for corn have been more variable than for soybeans, this year's crop still is expected to build U.S. corn stockpiles to a nearly 30-year high by next August.

Wheat prices slid, dragged lower by falling corn and soybean prices as well as ample U.S. and world supplies of the grain. Endit