On Monday, the futures for wheat and corn in the US continue to decline in price from the previous session, when the contracts fell to a two-week low amid optimism over the outlook for global supply.
During early US trading on the Chicago Mercantile Exchange, US wheat for July delivery reached a session low of $ 4.9663 a bushel, the lowest level since June 2, before it recovered to $ 4.9688, down 6.53 cents, or 1.3%.
On Friday, the price of wheat fell 0.4 cents, or 0.1%, to close at $ 5.0360. The July contract lost 2.5% last week after the USDA increased the forecast of domestic and global wheat stocks.
US Department of Agriculture forecasts that the volume of domestic production of wheat will amount to 2.121 billion bushels in the 2015-16 season, more than 2.096 billion, which the market expects.
According to the report of the Ministry of Agriculture, the final global wheat stocks will increase in the next season to 202.4 million tons from previously anticipated 200.4 million tons in 2014-15.
Meanwhile, US corn for July delivery fell 1.98 cents, or 0.56%, being traded at $ 3.5063 a bushel, after a session low of $ 3.5063, the lowest price since June 1.
On Friday, the price of corn lost 3.4 cents, or 0.98%, getting to $ 3.5300. Futures fell last week with 2.15% after the US Department of Agriculture stated that US corn stocks at the end of 2014-15 season, in August amounted to 1.876 billion bushels, higher than 1.858 billion, which the market expected.
The agency also predicted that world stocks of corn at the end of the 2015-16 season, will amount to 195.2 million tons.
On the Chicago Mercantile Exchange, US soybeans for July delivery fell 6.72 cents, or 0.72%, getting to $ 9.3288 a bushel, the lowest level since June 3.
Later today, the USDA will release an updated report on the crop for the week ended June 14.
Corn showed the largest US crop, it was followed by soybeans, as the government reports show. Wheat is the fourth largest crop, behind hay.