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Corn for March delivery lost 7.25 cents to settle at $7.30 a bushel Monday. Wheat also fell. The March contract closed down 12.25 cents at $8.4875 a bushel.

Jack Scoville of Price Futures Group wrote in a note to clients that corn fell following a "very disappointing" report on export sales.

"News that Brazil sold corn to Taiwan and that Ukraine is ready to sell corn to China highlighted once again that demand for corn or other feed grains is getting taken care of at somewhat cheaper prices than what can be done here in the U.S.," Scoville wrote.

In other commodities trading, oil prices closed lower and metals futures rose.