Investing.com - U.S. corn and soybean futures edged lower on Monday, as ongoing expectations of record yields across much of the U.S. grain belt weighed.
On the Chicago Mercantile Exchange, U.S. corn for December delivery traded at $3.3413 a bushel during U.S. morning hours, down 0.28 cents, or 0.08%.
Corn prices tumbled 10.6 cents, or 3.12%, on Friday after the U.S. Department of Agriculture estimated the 2014-15 corn harvest at a record-high of 14.47 billion bushels on Friday, up from a projection of 14.39 billion in September.
The agency also said corn yields would reach an all-time high of 174.2 bushels an acre, above last month’s estimate of 171.7 bushels an acre.
Meanwhile, U.S. soybeans for November delivery dipped 0.12 cents, or 0.01%, to trade at $9.2288 a bushel.
Prices of the oilseed dropped 19.4 cents, or 2.07%, on Friday after the USDA estimated this fall's U.S. harvest would reach an all-time high of 3.927 billion bushels, up from a forecast of 3.913 billion in September.
The government also raised its average yield outlook to 47.1 bushels per acre from 46.6 bushels.
Elsewhere on the CBOT, U.S. wheat for December delivery shed 0.78 cents, or 0.16%, to trade at $4.9763 a bushel.
Wheat futures rallied 5.2 cents, or 1.06%, on Friday after the USDA said global inventories of wheat at the end of the 2014-15 season will total 192.59 million metric tons, down 1.9% from a forecast of 196.38 million projected in September.
U.S. ending stocks were forecast at 654 million bushels, down from a previous estimate of 698 million.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.