While Cyprus is only a small economy, the tax rescue deal raised concerns over the precedent set should larger eurozone nations, and sent markets lower on Monday.

Among agricultural commodities, cotton was one of the biggest losers, shedding 2.0% as of 11:30 UK time (07:30 New York time) to 90.64 cents a pound for May delivery.

Raw sugar, in which managed money undertook a massive short-covering drive in the week to last Tuesday, the biggest since July last year, was 1.8% lower at 18.56 cents a pound.

'Definitive downward turn'

"Many agriculturals are finding themselves unable to defy the negative market environment that has been influenced by the events in Cyprus," Commerzbank said, highlighting wheat, given that prices face a potential headwind from ideas of strong northern hemisphere crops too.

"If, as in the case of wheat, market-specific forecasts are then published that suggest improved availability, prices take a definitive downward turn.

"That said, the high feed demand is likely to limit the price slide in the case of wheat."

Chicago wheat for May was 1.2% lower at $7.14 ј a bushel. Source; BlackSea Grain