Chicago agricultural commodities close lower

Chicago Board of Trade (CBOT) grains futures settle lower on Monday, weighed down by profit-taking and expectations for more crop-friendly rainfall in Argentina.

The most active corn contract for March delivery fell 3 cents, or 0.84 percent, to 3.5325 dollars per bushel. March wheat delivery fell 4.25 cents, or 1.04 percent, to 4.05 dollars per bushel. January soybeans dropped 15.25 cents, or 0.41 percent, to 10.215 dollars per bushel.

Soybean prices led the declines, weighed down by the arrival of much-needed precipitation in Argentina as well as forecasts for more wet weather, which eased fears over crop shortfalls in that country.

Monday's losses came despite evidence of ongoing demand for U.S. soybean supplies, with the U.S. Department of Agriculture(USDA) reporting that private exporters had sold 264,000 tonnes of soybeans for delivery to China during the 2016-17 crop year. The amount of soybeans loaded for export last week -- 63.6 million bushels -- also fell toward the high end of expectations, analysts said.

Corn prices fell, as rains in Argentina were seen as a positive for the nation's grain crop.

The USDA said private exporters had sold 128,000 tonnes of corn for delivery to Japan during the 2016-17 season. Still, a robust U.S. dollar is acting as a drag on the corn market, as it makes U.S. supplies more expensive for international importers.

Wheat prices faltered despite frigid temperatures in the U.S. Plains on Sunday that likely damaged some crops. Forecasters said, however, that ongoing cold temperatures next week were not likely to do further damage. Endit