Wheat prices closed on Monday, to give up a 6-month high amid wide sell-off on the Chicago commodity exchange (CBOT), due to renewed concerns over the trade war after President Trump's remarks about potential tariffs hike imposed on China if no trade deal is reached.
Wheat futures rose to a 6-month high last Friday, but profit-taking increased on on Monday.
Weak signals about the US exports also weighed on wheat prices, which indicate that demand could decline.
The USDA report showed wheat exports at 246,968 tonnes last week, compared with 434,703 in the previous week, lower than forecasts of around 400,000 to 600,000.
As for trading, wheat futures (December delivery) fell 0.3% to close at $5.43 a bushel, and hit an intraday high of $5.49 and a low of $5.42.
US stocks fell Monday amid renewed investors' concerns about the trade war between the US and China.
President Donald Trump said that his administration was ready to increase the tariffs on imports from China if no trade deal is reached, adding that Beijing still wants a trade deal and "we'll see what happens in the coming period".
US Commerce Secretary Wilbur Ross also stated that the Trump administration may increase tariffs on Chinese imports.
The ISM manufacturing PMI final reading showed a drop in the US during the last month, which mounted concerns about the pivotal sector.
To the oil market, West Texas Intermediate (WTI) rose 1.4% to close at $55.96 a barrel, and hit a session-high of $56.6 and a low of $55.4.
Brent rose 0.7% to $60.92 a barrel, with a high of $62.09 and a low of $60.7.
As for stocks, Dow Jones fell 0.9% or 268 points to settle at 27,783, and hit a high of 28,109 and a low of 27,782.
Nasdaq dipped 1.1% or 97 points to 8,568, with a high of 8,672 and a low of 8,540.
S&P 500 fell by 0.8% or 27 points to close at 3,114 points, and hit an intraday high of 3,144 and a low of 3,110.
The British pound wiped out earlier losses and inched up against the US dollar today, after the market digested the opinion polls that showed the Labour Party taking the lead ahead of Tories.
Some fear Labour's victory in the December 12 snap election, as it would complicate the Brexit crisis further, because of Jeremy Corbyn's party stance.
Whilst, if the Conservative Party led by Prime Minister Boris Johnson won the majority of parliament seats, the Brexit uncertainty could be resolved, especially after Johnson pledged to exit on January 31 with no delays.
As for trading, GBP/USD rose by 0.1% to 1.2948 as of 20:28 GMT, the pair hit an intraday high of 1.2949 and a low of 1.2896.
Silver prices fell on Monday, as precious metals tumbled in sell-off, despite renewed trade concerns over the US-China trade talks and a drop in the US dollar.
US President Donald Trump said that the US was ready to increase the tariffs on imports from China if no trade deal is reached.
Trump also said that Beijing still wants a trade deal, adding "we'll see what happens in the coming period".
The US president stated that he intends to impose tariffs on steel imports from Brazil and Argentina due to the two countries manipulation of their currencies' exchange rate.
Otherwise, the dollar index fell against a basket of currencies by 0.4% to 97.8 points as of 20:36 GMT, and hit an intraday high of 98.3 and a low of 97.8.
Silver March futures lost 0.8% and closed at $16.966 an ounce, with a high of $17.10 and a low of $16.895.