Investing.com - U.S. wheat futures fell for the sixth consecutive session on Monday, as indications of ample global supplies and weak demand for U.S. supplies weighed.
On the Chicago Mercantile Exchange, U.S. wheat for December delivery slid to a session low of $4.9613 a bushel, the weakest level since July 2010.
Prices were last at $4.9738 during U.S. morning hours, down 5.03 cents, or 1%.
The U.S. Department of Agriculture said on September 11 that global wheat inventories at the end of the 2014-15 season will total 196.38 million metric tons, above estimates of 193.0 million and compared to 192.96 projected in August.
U.S. ending stocks were forecast at 698 million bushels, up from a previous estimate of 663 million, due in large part to weak export demand for U.S. supplies.
Meanwhile, U.S. corn for December delivery sank to a daily low of $3.3560 a bushel, the weakest level since June 2010. Futures recovered slightly to last trade at $3.3688, down 1.12 cents, or 0.33%.
The USDA estimated last week that the corn harvest will rise to a record-high of 14.39 billion bushels, above forecasts for 14.28 billion and up from a projection of 14.03 billion in August.
Global ending stocks were forecast to exceed 2 billion bushels for the first time in a decade.
Elsewhere on the CBOT, U.S. soybeans for November delivery shed 2.02 cents, or 0.21%, to trade at $9.8238 a bushel.
Prices of the oilseed slumped to a 45-month low of $9.6940 a bushel on September 11 after the USDA estimated this fall's U.S. harvest would reach an all-time high of 3.913 billion bushels, compared to expectations for 3.882 billion.
Soybean ending stocks will more than triple in the 2014-15 marketing season to 475 million bushels, up from 430 million estimated last month and the highest since the 2006-07 season.
Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.