A US government report raised the country's production forecasts. It shows that Chicago soybean futures prices fell by more than 1% on Monday, falling for the first time in three sessions.

The U.S. government has said soybean production in the U.S. will be higher than expected, as better-than-expected yields will more than make up for one Area reduction. The most active soybean contract on the Chicago Board of Trade (CBOT) lost 1.2% to $14.37-1/2 a bushel, at 0016 GMT. Corn fell 0.9% to $6.36-1/2 a bushel and wheat fell 0.9% to $7.99 a bushel.

The soybean harvest will reach a record 4.531 billion bushels, compared to government July harvest estimates of 14.505 billion bushels, according to the report. Exports of Russian wheat harvested this summer for the 2022/23 marketing season are not expected to realize the potential of an expected record harvest, as banks, shippers, and insurers remain wary despite American assurances about sanctions, traders said.