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New-crop corn tumbles to three-month low on Midwest rains, favorable weather; wheat off sharply, soybeans firmer.

Grain and soy futures open the week under pressure with cattle futures higher and hog futures mixed to mostly higher.

Corn futures expected lower on Midwest rainfall, break from June heat; soybeans, wheat firmer.

Corn, soybeans firmer but still down sharply for week on milder weather outlook; wheat drops near four-month lows.

Key USDA reports Thursday: Grain Stocks, Acreage

Corn futures traded lower throughout the overnight session, while soybeans and wheat rebounded from initial losses.

June 1 inventories up 1.2% from year-earlier, lower than projected.

Recessionary fears are building, which triggered heavy long liquidation in commodities last week.