Grains lower Monday, market overbought

CHICAGO, March 19 (UPI) -- Grain futures were mostly lower Monday on the Chicago Board of Trade, with traders sensing the market is overbought.

Corn was off 4 to off 9 1/2, Soybeans were off 12 to off 19 3/4, wheat was off 12 to off 19 3/4 and oats were unchanged to off 3 3/4.

Corn prices dropped, with speculative long liquidation selling setting the pace early in the day. Wheat was lower, with rain in the Midwest expected to improve crop conditions. Soybeans futures fell, with talk of China preparing to sell 3 million metric tons from its reserve stockpiles.

Corn, wheat and soybeans all posted gains for the week.

The prices:

Corn: May 6.63 1/2 off 9 1/2, Jly 6.61 1/2 off 8 3/4, Sep 6.01 off 4 1/4, Dec 5.70 1/4 off 4.

Soybeans: May 13.66 1/2 off 7 1/2, Jly 13.73 1/2 off 7 1/4, Aug 13.64 off 5 1/4. Sep 13.43 1/4 off 4.

Wheat: May 6.52 1/4 off 19 3/4, Jly 6.61 off 16 1/4, Sep 6.76 3/4 off 13 3/4, Dec 6.95 1/4 off 12.

Oats: May 3.34 1/4 unchanged, Jly 3.22 off 1 1/4, Sep 3.18 1/2 off 3/4, Dec 3.23 1/2 off 3 3/4.