CANBERRA  - Chicago soybean futures slipped to a seven-week low on ‍Monday as traders ‍liquidated long positions in response to tepid U.S. export demand and ​the upcoming Brazilian harvest.

Wheat futures fell as large production in Argentina and Australia added to ⁠a plentiful supply. Corn followed wheat lower.

The most-active soybean contract on the Chicago Board ⁠of Trade (CBOT) was ‌down 0.1% at $10.75-3/4 a bushel, as of 0438 GMT, with CBOT wheat slipping 0.3% to $5.27-1/2 a bushel and corn down 0.1% at $4.40-1/2 a ⁠bushel.

All three crops have dipped from multi-month highs seen in November, although corn has held up best amid strong U.S. export demand.

Soybeans reached a 17-month high of $11.69-1/2 in November but have since fallen by around 8% as ⁠the scale of Chinese purchases ​of U.S. beans following a trade truce between the two nations disappointed traders.

Despite more confirmed sales on ‍Friday and Chinese stockpiler Sinograin making room for U.S. beans to arrive, China's purchases remain well below ​the 12 million tons U.S. officials said it would buy by year-end.

U.S. soybean exports this marketing year are well below last year's pace and competition will increase early next year when top producer Brazil begins harvesting a potentially record crop.

Funds built a massive net long position in CBOT soybean futures by mid-November, data from the U.S. Commodity Futures Trading Commission showed, making the market vulnerable to episodes of long liquidation. Funds were significant net sellers of soybeans and corn on Friday, ⁠traders said.

"There is no news around to keep ‌the bulls going," Rabobank analyst Vitor Pistoia said, adding that prices would likely continue to slide.

Meanwhile, Argentina's government formalised a cut to export taxes on grains ‌and by-products by ⁠publishing the measure in the official gazette. Argentina is in the middle of a record-breaking ⁠wheat harvest.