Wheat futures fell for the third session in a row on Monday. Corn was also lower, but soybeans posted small gains.
Wheat is facing considerable pressure due to robust Russian exports, improved yield prospects in Australia, and aggressive hedging from Australian producers. The charts reflect a bearish momentum as technical levels were breached, exacerbating the sell-off.
December Chicago wheat fell 8 1/2 cents to $5.34 3/4, December Kansas City was down 7 3/4 cents at $5.46 1/2, and December Minneapolis slipped 4 cents to $5.82.
The slight decline in corn prices can be attributed to weaker petroleum prices and negative margins at some Midwest ethanol plants.
December corn lost 3/4 cents at $4.24 3/4, and March eased 2 ¼ cents to $4.33.
Soybeans are benefiting from firm crush margins supported by strong soy product prices, particularly meal. Despite some speculative selling linked to good weather in Brazil, the market is finding support in stronger Argentine meal and soybean basis levels.
January beans were up 2 1/4 cents to $9.85 3/4, and March gained 2 cents to $9.94 1/4.
