Wheat dropped heavy as rain in parts of the U.S. southern Great Plains may improve plant conditions. Rain also forecasted in parts of the central and southern Plains in the next 7 days. That would improve soil moisture in areas that have received little to no rain in the past 90 days.
Rain that fell in parts of central and eastern Kansas probably improved soil moisture in some areas, Crop development is still behind its normal pace due to cold, dry weather the past month.
The price also declined after falling through the 20-day moving average of $6.85 a bushel, a key technical level, which triggered automatic sell programs. Speculation that political turmoil in Ukraine will have little effect on wheat production or exports also weighed on prices.
Corn fell on signs that warm, dry weather in the eastern Midwest this week will allow farmers to accelerate planting after much of the region was inundated with rain the past few weeks.
"Over the weekend we had some decent seeding in the southern part of the Corn Belt and even up into central Illinois, with temperatures finally rising to seasonal levels and the rains holding off for the most part.