US soyabean futures tumbled more than 2 percent on Monday, reversing similar gains from the previous session, as a record-fast harvest pace and reports of larger-than-expected yields pressured prices. Wheat futures dropped nearly 3 percent in a profit-taking setback and as rain forecast for the drought-parched US Plains was expected to boost winter wheat seeding.
US corn surged by the daily trading limit on Friday, jumping 5.6 percent after the US Department of Agriculture (USDA) shocked markets with a report that end-of-season stocks tumbled 12 percent from a year ago, coming in under 1 billion bushels for the first time in eight years.
Soyabeans added nearly 2 percent on Friday despite a larger-than-expected USDA stocks figure, while wheat gained 5.5 percent in the steepest rally in three months as USDA reported an unexpected drop in US wheat stocks. Benchmark November soyabeans on the Chicago Board of Trade fell 35 cents, or 2.2 percent, to $15.66 per bushel by 12:02 pm CDT (1702 GMT). CBOT December corn rose 1 cent to $7.57-1/4 per bushel. CBOT December soft red winter wheat fell 25 cents, or 2.8 percent, to $8.77-1/2 a bushel. December hard red winter futures on the Kansas City Board of Trade shed 25-1/4 cents, or 2.7 percent, to $9.02-1/4 a bushel.