Chicago grains, oilseeds plummet on oil fall, weather, technical trading

Prices of agricultural products are often influenced by energy markets, with the rapidly growing use of farm goods in biofuel production.

"Grain and oilseed prices are going down with crude oil," said Arlan Suderman, chief commodities economist at StoneX. And he said, better weather models in the U.S. Midwest are a factor in the futures dive.

But he said, much of the pressure can be traced to technical trading. "There's a lot of risks that are still present, both from a yield standpoint and also with the war in the Black Sea and in the Middle East."

Attacks on grain infrastructure and ships by Russia and Ukraine continued to hamper the movement of cargoes, threatening supplies to importers in the Middle East, Africa and Asia.

Attention remained on reports Ukraine was discussing possible mechanisms to keep vessels moving through its major export ports, raising hopes that Black Sea exports may avoid a major disruption, despite a Ukrainian denial.

Russia had earlier in July introduced a temporary nighttime ban on vessel sailings in Novorossiysk following Ukrainian drone attacks.

Chicago Board of Trade most-active soybeans Sv1 fell 41 cents, more than 3%, to $12.12-1/2 a bushel by 1152 CDT (1652 GMT), corn Cv1 lost 13-1/2 cents to $4.74 a bushel, and wheat Wv1 dropped 14-3/4 cents to $6.63-1/4 a bushel.

Oil prices fell to a one-week low on Monday after the United States abruptly suspended a campaign of air strikes against Iran over the weekend, raising hopes of a diplomatic solution that would de-escalate the conflict and allow shipping to resume in the Strait of Hormuz.