Chicago Board of Trade (CBOT) grains futures closed mixed on Monday with corn posting more than two percent losses due to massive fund sell-off.

The most active corn contract for July delivery fell 8.75 cents, or 2.28 percent, to 3.7525 dollars per bushel. July wheat delivery gained 4.67 cents, or 0.38 percent, to close at 4.67 dollars per bushel. July soybeans went down 1.25 cents, or 0.13 percent, to 9.3775 dollars per bushel.

CBOT brokers reported that funds sold 12,000 to 15,000 contracts of corn, including overnight activities, which led to the free fall of corn futures.

Structural corn short has liquidated, allowing it to slide lower, said analysts.

Favorable weather in the corn-growing Midwest regions will be good for the pollination of corn, an important phase for a potentially good harvest this year.

Hot and dry weather forecast for wheat-growing Great Plain in the U.S. and some eastern European countries continued to push the wheat futures higher.