GRAINS-Chicago wheat, corn soy fall on selling pressure after recent highs

Corn and soybeans also slipped after hitting life-of-contract highs earlier on Monday on profit-taking and spillover weakness from falling wheat futures, though both were supported by bullish fundamentals.

Corn Cv1 fell 1/4 cent to $5.36-1/4 per bushel after earlier hitting a new life-of-contract high of $5.42, its highest since summer 2023. Soybeans Sv1 fell 1/4 cent to $12.88 a bushel after also earlier touching a high of $12.94-1/2 per bushel.

Continued export demand for U.S. soybeans and rising crude oil prices helped soybean futures hit contract highs.

Oil prices rose more than 3% after the U.S. attacked an Iranian island in the Strait of Hormuz O/R. Soybean futures often follow movements in crude oil as the oilseed is commonly used as a feedstock for biofuel.

For corn, expectations for a poor yield from the U.S. corn belt have continued to propel prices higher.

The U.S. Department of Agriculture is scheduled to issue an update on U.S. crop conditions in a weekly report after trading ends.

Chicago wheat futures fell on Monday after hitting three-year highs in the previous session, as wheat was weighed down by selling pressure triggered by news that Turkey said it prepared a plan for the safe passage of grain via the Black Sea and is in contact with both Russia and Ukraine regarding it.

Wheat futures hit multi-year highs last week on news that Russia could step up missile strikes on Ukraine, reducing prospects for a resumption of Russia’s and Ukraine’s grain shipments.

"When you have a pretty good run-up, it only takes perception to move the market," said Jim Gerlach, president of A/C Trading.