US soybeans fell nearly 1 percent on Monday, giving back much of the gains from the previous session as traders readied for the latest US Department of Agriculture report on production. Chicago Board of Trade May soybeans fell 0.75 percent to $14.46-3/4 a bushel, having firmed 1.34 percent on Friday. May corn dropped 1.43 percent to $4.82, after sliding 0.41 percent in the previous session when prices hit a peak of 5.02-1/2 a bushel - their highest since September 3.
May wheat fell 0.69 percent to $6.49-1/2 a bushel, having closed up 1.24 percent on Friday when prices marked a high of $6.63 a bushel - their strongest since early December. Markets are readying for next USDA report, which analysts expect to show a lowering of the agency's estimates for soy crops in Brazil and Argentina following poor crop weather in recent weeks.
Wheat and corn draw support from jitters about political instability in Ukraine, a major exporter of both grains. Canada's government took the drastic step on Friday of forcing the country's two major rail companies to each ship at least 500,000 tonnes of grain per week to ease a massive backlog that is hurting farmers. Export commitments of US soybeans for the 2013/14 marketing year, which began on September 1, have already surpassed USDA forecasts.
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