Chicago Board of Trade (CBOT) agricultural futures fell across the board on Monday, led by wheat. The most active corn contract for July delivery fell 7.75 cents, or 1.26 percent, to settle at 6.075 U.S. dollars per bushel. July wheat plunged 16 cents, or 2.38 percent, to settle at 6.57 dollars per bushel. July soybean lost 13 cents, or 0.9 percent, to settle at 14.36 dollars per bushel. The U.S. Department of Agriculture (USDA) announced China’s cancellations of 12.9 million bushels of old crop corn, which weighed on CBOT corn values and pulled wheat futures lower. Follow-through technical selling has weighed on the CBOT at the start of the week. But December corn is finding support on the break below 5.50 dollars, while soybean bears have become reluctant to push position under 12.75 dollars. With most of the planting season and the entire growing season still ahead, Chicago-based research company AgResource cautions against staying bearish on new crop prices at the current levels.
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