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Soybeans tumbled on Monday on speculation of cold, wet weather in the U.S. Midwest delaying corn seeding and increase planting of soybeans.

Soybean for July delivery dropped by 44.75 cents or 3.4 percent to $12.9225 a bushel on the Chicago Board of Trade.

Soybean prices declined by 2.9 percent last week.

Soybean futures gained 85 percent last year reaching the highest record of $15.8625 on March 3 after U.S. farmers reduced plantings.

According to the data from the National Weather Service, some parts of Oklahoma and Minnesota were reported to have received three times the normal rain during the past 30 days, increasing the soil moisture.

According to the U.S. Department of Agriculture, about 4 percent of the corn was planted as of April 20, less by 17 percent from what was planted in the previous five years.

Corn prices also declined on speculation of Argentine farmers and government resolving the dispute over agricultural policies that had led to the road blockades and shortages of beef and dairy products in supermarkets last month.