SINGAPORE/LONDON: Wheat, corn and soybean prices eased on Monday, weighed down by favourable crop weather in the US and Europe along with Argentina's decision to repeal an export tax hike.

Dealers said soybeans could decline further as supplies are likely to improve after the export tax issue gets resolved in Argentina, the world's third-largest exporter.

Argentine President Cristina Fernandez repealed a tax hike on soy exports on Friday after the Senate rejected it, handing her a stinging defeat in a long conflict with angry farmers. Dealers said, however, a rebound in crude oil prices helped to trim early losses.

September corn on the Chicago Board of Trade was down 4-1/4 cents at $6.05-1/4 a bushel. The contract had slipped to a low of $5.96 in early trade. Corn prices hit record highs in late June as the worst flooding in 15 years wiped out big patches of corn area but weather in July turned unusually favourable for corn and soy development.

High prices have encouraged farmers to plant soybeans in fields where they have recently harvested winter wheat. Soybeans that are planted late, however, run the risk of frost damage.

CBOT soybeans for August delivery were off 6-1/2 cents a bushel at $14.63-1/2, well above the day's low of $14.50-3/4. Wheat also fell with the U.S. winter wheat harvest around two-thirds complete and as harvesting in France begins to gather pace, dealers said. November milling wheat in Paris was off 1.50 euros at 188.00 euros a tonne while CBOT September wheat eased 3 cents to $8.01 a bushel. reuters