US grain and soyabean futures slid early on Monday, pressured by a broad sell-off in commodity and equity markets and progress by US farmers in harvesting crops. Soyabeans tumbled more than 1 percent, while Chicago wheat slipped off its earlier one-month high. Corn also declined. "This will be one of the biggest weeks in the US corn and soyabean harvest, and I think that's where some of the pressure is coming from," said Mike Krueger, president of the Money Farm grain advisory near Fargo, North Dakota.
Analysts expect that the US corn harvest was 21 percent complete as of September 27, and the soyabean harvest 18 percent done, near their five-year averages. Renewed concerns about the stability of China and other big emerging economies swept through global markets. "I think people are looking around and saying, 'There's not much reason to own anything,'" Krueger said.
Chicago Board of Trade December wheat fell 0.3 percent or 2-1/4 cents to $5.05-1/2 a bushel. Wheat had risen some 2 percent on Friday. Wheat's decline comes as Canada is expected to raise its domestic crop estimate on Friday. Wheat futures had climbed earlier on Monday on concerns about poor weather in the United States, Australia and Black Sea region. November soyabeans dropped 1.3 percent or 12-1/2 cents to $8.76-3/4 a bushel, as some investors booked profits after last week's gains.
Dealers on the cash market reported steady deliveries of newly harvested soyabeans to processors and elevators. December corn dipped 0.5 percent or 2-1/4 cents to $3.86-3/4 a bushel. Traders awaited the US Department of Agriculture's quarterly stocks and small grains reports expected on Wednesday.
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