Australia Forecasts Record Crop

U.S. wheat futures retreated on Monday on a firmer dollar and as a record harvest outlook from major exporter Australia eased recent concerns about rain-damaged crops reportsReuters.

Corn and soybeans followed wheat lower, pressured by technical selling and profit-taking and by good weekend rains in Argentina and parts of Brazil.

Grain futures slumped despite a strong recovery in broader markets, including equities and crude oil, from a sharp sell-off on Friday amid worries over the emergence of a new coronavirus variant.

Wheat led grains lower as Australia's chief commodity forecaster raised its official estimate for the 2021/22 crop.