Chicago Board of Trade (CBOT) grains futures closed lower on Monday with wheat futures dropping more than 2 percent on profit taking as traders said damage from a drought in the U.S. Plains has been fully priced into the market.

Corn and soybean futures also weakened on better harvest prospects as the weather improved in key growing areas of the U.S. Midwest. Expectations for more storms this week and cooler weather added further pressure.
 
The most active corn contract for December delivery fell 2.75 cents, or 0.7 percent, to 3.9075 dollars per bushel. September wheat delivery dropped 10.5 cents, or 2.1 percent to 4.8875 dollars per bushel. November soybeans fell 12.25 cents, or 1.2 percent, to 10.10 dollars per bushel.

In the outside markets, the Brent crude oil market is 0.52 dollar per barrel higher, the U.S. dollar is higher, and the Dow Jones Industrials are 42 points lower.

Meanwhile, the United States Department of Agriculture(USDA) announced Monday a fresh corn sale.

Private exporters reported to the USDA export sales of 135,000 tonnes of corn for delivery to unknown destinations during the 2017/2018 marketing year. The marketing year for corn began September 1.