In thin holiday trading, soybeans led the decline, closing down 28½¢ at $10.20¾ for the November contract. Corn slid 16¼¢ to $4.20¾ (December), while CBOT wheat dropped 8¼¢ to $5.48½. Hard red and spring wheat futures also retreated.

Market drivers included:

• Crop weather outlook: Rain following recent heat reassured traders that growing conditions remain favorable, prompting sellers to lock in profits.

• Trade tensions and export landscape: Renewed Chinese interest in soybean meal from Ethiopia signals growing competition, bolstering pressure from Brazil's increasing export capacity.

• Energy supply update: OPEC+ surprised markets with a crude oil output hike, cooling energy prices early and further weighing on agricultural commodities.

Analysts point to the return of traders from holiday break, who quickly positioned for bullish crop size expectations. StoneX's Arlan Suderman noted that "favorable long-range forecasts sparked speculative selling."

With Mexico's recent corn purchase (135,000 MT) lending moderate support, attention shifts to USDA reports and OPEC's next moves. As summer advances, crop yields, export competition, and energy markets will once again set the tone for grain prices.