* Forecasts of wet weather in U.S. Midwest weigh on corn,
* Slowing Chinese demand adds pressure on prices, wheat
SINGAPORE, July 26 (Reuters) - Chicago soybeans dropped on
Monday to their lowest in two weeks while corn slid for a third
consecutive session, as forecasts of wet weather in parts of the
U.S. Midwest and slowing demand in top buyer China weighed on
Wheat lost more ground.
"The market continues to worry about the cancellation of
some U.S. corn cargoes to China," Tobin Gorey, director of
agricultural strategy at Commonwealth Bank of Australia said.
"Also weighing was weather models' wetter projection for the
north west of the U.S. Midwest."
The most-active soybean contract on the Chicago Board Of
Trade (CBOT) was down 1.4% at $13.33-1/4 a bushel, as of
0354 GMT, near the session low of $13.33 a bushel, the weakest
since July 12.
Corn lost 0.9% to $5.38 a bushel and wheat
dropped 1.1% to $6.76-3/4 a bushel.
The U.S. Agriculture Department said net export sales of
corn totalled -40,800 tonnes in the week ended July 15, largely
due to cancellations from China.
Weather models indicate cooler weather across key U.S.
growing regions, aiding soybean and corn crops.
China's soybean imports are set to slow sharply in late 2021
from a record first-half tally, confounding expectations for
sustained growth from the top global buyer and denting market
sentiment just as U.S. farmers look to sell their new crop.
Russia's agriculture ministry said yields from the harvest
of the country's wheat crop averaged 3.45 tonnes per hectare as
of July 20, down from 3.47 tonnes a year earlier.
Large speculators raised their net long position in CBOT
corn futures in the week ended July 20, regulatory data released
on Friday showed.
The Commodity Futures Trading Commission's weekly
commitments of traders report also showed that non-commercial
traders, a category that includes hedge funds, trimmed their net
short position in CBOT wheat and raised their net long position
(Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)