US soyabean futures fell to a six-week low early on Monday with funds liquidating a record-large long position in profit-taking, as worries about Europe's shaky economy sparked a broad selloff of riskier assets and hung over the grains complex. But Chicago corn and wheat were flat, resisting pressure from the stronger US dollar and favourable US crop weather after posting two weeks of losses.
With outside markets setting a negative tone, soyabeans were most vulnerable to a plunge after large speculators boosted their net long position in the oilseed to a record high in early May. Chicago Board Of Trade July soyabean futures fell 11 cents, or 0.8 percent, at $13.95 per bushel as of 11:47 am CDT (1647 GMT), paring earlier losses that sent prices to their weakest levels since March 30.
Soyabeans gained some support after the US Department of Agriculture reported greater soyabean export inspections than expected, and domestic soyabean crushing data was also stronger than thought, said Anne Frick, an analyst at Jefferies Bache. CBOT July corn, which slipped to a 14-month low last week, was down 1/4 cent at $5.80-3/4 a bushel, while July wheat gained 1/2 cent to $5.97-1/2.
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