US new-crop corn prices fell for a third straight session on Monday as favourable growing weather across the Midwestern United States reinforced the prospect of a record-large harvest this year. New-crop soyabeans also slumped for a third day, but declines were more tempered than in corn as rain in parts of the western Corn Belt prevented some farmers from planting the last of their soya crop.
US wheat prices plunged more than 2 percent in the steepest drop since mid-April, pressured by an accelerating northern hemisphere harvest and reports of stronger-than-expected winter wheat yields in the United States. The US Department of Agriculture will release its weekly crop progress and condition reports after the market close on Monday.
Analysts on average expected soyabean planting to be 93 percent complete, which would be the slowest since 2009. The corn crop is already planted. July corn futures on the Chicago Board of Trade fell 7-3/4 cents, or 1.2 percent, to $6.54 per bushel by 11:01 am CDT (1601 GMT). New-crop December corn shed 9-1/4 cents, or 1.7 percent, to $5.47 a bushel, the lowest in a week.
CBOT July soyabeans were 3-1/4 cents higher at $14.96-1/2 a bushel while new-crop November fell 7-3/4 cents, or 0.6 percent, to $12.65-3/4 a bushel, the lowest since May 28. CBOT July wheat fell 19-3/4 cents to $6.78-1/4 a bushel, a 2.8 percent drop that was the steepest for a spot contract in more than two months.
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