BEIJING/HAMBURG - Chicago wheat futures fell ​to their lowest ⁠level in around two months on Monday, pressured by abundant global ‌supplies, weak demand for U.S. exports and the advancing harvest in the U.S. Plains.

Corn and ​soybeans also dropped, with markets shrugging off rising crude oil prices after Israeli strikes on ​Iran and Lebanon.

Chicago ​Board of Trade most-active wheat fell 0.2% to $5.78-1/2 a bushel at 1131 GMT, extending losses to a seventh consecutive session.

Soybeans fell 0.7% ⁠to $11.12-3/4 a bushel, corn fell 1% to $4.13-1/4 a bushel after earlier hitting a new life-of-contract low of $4.12-1/2 a bushel.

Prospects for large Northern Hemisphere crops continued to weigh on wheat despite a drought-diminished U.S. winter crop.

“Wheat is seeing some ​supportive buying ‌interest after recent price ⁠falls but wheat ⁠still faces headwinds from prospects for large global new crop supplies with weather in Europe ​and the Black Sea looking non-threatening and U.S. (harvest) ‌fears already traded,” said Matt Ammermann, commodity risk manager ⁠at StoneX.

“Crop prospects in Russia and Ukraine remain positive, potentially creating more export competition to U.S. supplies.”

APK-Inform agriculture consultancy said on Sunday it revised up its forecast of Ukraine’s wheat harvest to 21.7 million metric tons from 19.9 million tons.

“Corn and soybeans are down despite a sharp rise in crude oil. Markets seem to have ‘headline-fatigue’, not reacting to the repeated news about the Iran-Israel conflict,” Ammermann said. “Meanwhile, U.S. Midwest weather is fine for corn ‌and soybeans with rain forecast.”

Dealers are also still awaiting signs ⁠of renewed Chinese buying of U.S. soybeans and corn, ​which is still not visible despite the announcement in May that China would buy $17 billion worth of U.S. farm products a year on top of the ​25 million tons of ‌soybeans already committed, he said.