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US wheat futures fell more than 2 percent on Monday on chart-based selling, abundant global supplies and seasonal pressure from the approach of harvest, analysts said. Corn futures followed wheat lower. Soyabeans were firmer, but pared gains on a smaller-than-expected monthly US soyabean crush figure. As of 12:59 pm CDT (1759 GMT), Chicago Board of Trade July wheat was down 9 cents at $4.23-3/4 per bushel after dipping to $4.21-1/2, its lowest since April 25.

CBOT July corn was down 2-1/4 cents at $3.68-3/4 a bushel, while July soyabeans were up 3-1/2 cents at $9.66-1/2 a bushel, snapping a three-session slide. Wheat posted the day's biggest move on a percentage basis. The July contract session high at $4.31 was below Friday's low of $4.31-1/4 and formed a gap in the contract's chart, a bearish technical signal. Corn followed wheat lower, pressured in part by improved US weather in recent days that allowed for planting progress in the Midwest before showers return this week.

Analysts expected a US Department of Agriculture report later on Monday to show that 68 percent of corn seeding had been completed as of May 14, close to the five-year average for this time of year of 70 percent. CBOT soyabeans got an early boost from a surge in the value of the Brazilian real, which tends to discourage Brazilian farmers from selling their dollar-denominated soyabeans.

But soyabeans pared gains on a smaller-than-expected monthly US soyabean crush figure. The National Oilseed Processors Association said its members crushed 139.1 million bushels of soyabeans in April, down from 153.06 million bushels in March. Analysts had been expecting an April crush of 145.7 million bushels, based on an average of estimates in a Reuters survey. NOPA's crush figure suggests the USDA may make another downward revision to US soya crush estimate for the 2016-17 marketing year, Reilly said.



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