Corn sags 3 percent as forecast rains trigger long liquidation

CHICAGO - U.S. corn futures fell more than 3 percent on Monday and soybeans also weakened on forecasts calling for much-needed rains this week in the U.S. Midwest, traders said. Wheat was pulled lower by corn and soy while remaining under pressure from progress in the U.S. winter wheat harvest. At the Chicago Board of Trade as of 12:23 p.m. CDT (1723 GMT), July corn was down 15 cents at $4.22-3/4 per bushel. July soybeans were down 10-1/2 cents at $11.49 a bushel and July wheat was down 4-1/4 cents at $4.77 a bushel. Corn posted the biggest declines, in part because it is seen as the most likely to benefit from rains this week. Corn in the heart of the U.S. Midwest is nearing its crucial pollination stage, which typically takes place in July. For soybeans, the key pod-setting phase comes in August.