Chicago wheat, corn and soybean futures fell on Monday, with ample supply pushing them towards multi-month or multi-year lows ahead of a U.S. Department of Agriculture (USDA) supply and demand report this week that could move prices.

FUNDAMENTALS

* The most-active wheat contract on the Chicago Board of Trade (CBOT) ZW1! was down 0.2% at $5.13-3/4 a bushel, as of 0046 GMT, with CBOT corn ZC1! slipping 0.5% to $4.03-1/2 a bushel and soybeans ZS1! down 0.2% at $9.85-1/2 a bushel.

* Last week, wheat fell to a five-year low, soybeans to a four-month low and corn to contract lows.

* Hanging over all three are plentiful supply. Northern Hemisphere wheat harvests are pouring grain into the market. Analysts expect large U.S. corn and soybean crops in the coming months after big harvests in South America.

* Consultants IKAR raised their 2025 Russian wheat production forecast to 84.5 million metric tons from 84.0 million. The outlook for crops in Australia and Argentina has also improved in recent weeks.

* Analysts polled by Reuters think the USDA will raise its U.S. corn and soybean production estimates in a monthly report due on August 12.

* Low prices appear to have stimulated demand for U.S. exports, providing some price support. U.S. weekly export sales were higher than expected last week, and the USDA has reported a series of flash sales of corn in recent days.

* Speculators are still bearish, however. Non-commercial traders trimmed their net short position in CBOT corn futures in the week to Aug. 5 but expanded their net shorts in wheat and soybeans, regulatory data showed.

MARKETS NEWS

* Global equities rose on Friday as investors clung to the view that U.S. interest rates may fall further this year, with European shares posting their biggest weekly gain in 12 weeks on strength from banking stocks.
Source: Reuters