Investing.com - U.S. grain futures were mostly lower on Monday, as investors squared positions ahead of the U.S. Department of Agriculture’s closely-watched reports on inventories and crop sowings due later in the day.
Analysts expect the data to show that U.S. corn stocks were 3.722 billion bushels as of June 1, a four-year high for that date, while wheat stocks totaled 598 million bushels, which would be the lowest in six years.
The agency is also expected to say that U.S. soybean stockpiles as of June 1 were 378 million bushels, a 37-year low for that date.
On the Chicago Mercantile Exchange, U.S. wheat for September delivery declined 0.76%, or 4.53 cents, to trade at $5.8888 a bushel during U.S. morning hours.
Prices of the grain have been on a downward trend recently amid indications of ample global supplies. The September contract fell to a four-month low of $5.7700 on Wednesday.
Meanwhile, U.S. corn for September delivery dropped 1.09%, or 4.82 cents, to trade at $4.3738 a bushel.
Prices of the grain remained have been under pressure in recent weeks amid ongoing expectations for a record U.S. corn crop.
Elsewhere on the CBOT, U.S. soybeans for August delivery tacked on 0.06%, or 0.88 cents, to trade at $13.7888 a bushel.
The August soybean contract lost 2.84%, or 40.4 cents, last week as warm, wet weather in key growing-states in the U.S. boosted the outlook for supplies.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.