Corn and soybean prices follow wheat lower as spring crop seems poised to come in early

Wheat leads grain prices lower amid worldwide glut

NEW YORK — Wheat fell sharply on concerns about abundant supplies, sending prices for other agricultural commodities lower as well.

Wheat for July delivery fell 18 cents to settle at $4.88 a bushel Monday.

Analysts say the spring crop of wheat appears ahead of schedule, giving the market more supply and pushing prices lower.

Corn and soybeans also fell. Soybeans for July delivery fell 1 cent to settle at $10.09 a bushel; corn fell 1.50 cents to settle at $3.595 a bushel.

Oil prices fell 92 cents to settle at $84.20 a barrel on the New York Mercantile Exchange.