Corn prices also slipped, following forecasts for mostly favorable weather and increased producer selling of newly harvested crops. Predictions for mostly clear skies that will allow U.S. farmers to continue harvesting their record crops weighed on prices, analysts said, as did increased farmer selling of the grain. Although some producers have been stashing away crops on hopes prices would rise further, on-farm storage bins and local elevators are now filling up, and some are cashing in on higher prices.
Analysts said strength in the U.S. dollar was also exaggerating Monday's downward trend in commodity prices. A rising dollar typically pressures prices since it makes exports of agricultural commodities like corn more expensive for foreign buyers.