SINGAPORE, June 15 (Reuters) - Chicago soybeans fell on Monday to their lowest level since early February, while corn and wheat lost ground after the United States and Iran reached a preliminary agreement to end their war, sending oil prices sharply lower.

Favourable U.S. crop weather and higher South American production forecasts added further pressure on agricultural commodities.

FUNDAMENTALS

* The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 fell 0.4% to $11.09-1/2 a bushel as of 0016 GMT, having touched its lowest since Feb. 10 earlier in the session.

* Wheat Wv1 gave up 1.1% to $5.78-1/4 a bushel and corn Cv1 dropped 1% to $4.08-3/4 a bushel.

* Oil prices slipped after U.S. President Donald Trump and Iran's deputy foreign minister said they have reached a deal to halt the war and to resume traffic through the Strait of Hormuz. O/R

* Agricultural goods often track crude oil prices, with increasing use of grains and oilseeds in making biofuels.

* In a widely followed monthly world report, the U.S. Department of Agriculture (USDA) last week increased its forecasts for this season's corn output in Argentina and Brazil, as well as soybean production in Argentina.

* The USDA also raised its projection of global corn inventories at the end of 2026/27 to above a range of trade expectations.

* The U.S. soybean crush pace likely slowed for a third straight month in May as some processing plants were idled for seasonal maintenance and repairs despite historically large crush margins, according to analysts surveyed ahead of a National Oilseed Processors Association report due on Monday.

* Large speculators switched to a net short position in CBOT corn futures in the week to June 9, regulatory data released on Friday showed.

* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and cut their net long position in soybeans.

MARKET NEWS

* Share markets surged in Asia on Monday while the dollar slipped and oil prices slid as news the United States had agreed to a peace deal with Iran boosted risk sentiment and promised to ease inflationary pressures globally. MKTS/GLOB

DATA/EVENTS (GMT)

0430 Japan Tertiary Ind Act NSA Apr

0900 EU Total Trade Balance SA Apr

1000 EU Reserve Assets Total May

1315 US Industrial Production MM May