Trader's Highlight

Commodities-July 7 (Reuters) - U.S. corn futures fell more than 3 percent in early Asian trading on Monday on expectations of better weather conditions and as oil prices fell back from record highs.

NYMEX crude for August delivery was trading at $144.24 a barrel, below an all-time high of $145.85 hit on Thursday, reducing appetite for biofuel feedstocks such as corn and soybean.

Front month July corn dropped 3.4 percent to $7.20-½ a bushel after a long holiday weekend. U.S. markets were closed on Friday for the Independence Day holiday.

Soybean futures also fell 1.3 percent to $16.36-½ a bushel.

Wheat also traded lower, taking a cue from weaker corn and soybean. July wheat fell 2.6 percent to $8.50 a bushel and September contract fell 2.7 percent.