US grain prices tumbled early on Thursday as investors fled to safe havens such as gold amid renewed concerns over global growth, with wheat sliding more than 2 percent to snap its longest rally in six months. Fundamentals remained mostly bullish for wheat, corn and soybean futures, but the economic concerns and corresponding selloff in equities outweighed those factors, traders said.
"We're watching the outside markets. We're going to run with the outsides, nothing has changed today in grain fundamentals," said Joe Bedore, CBOT floor manager for trade house FC Stone. At 11:03 am CDT (1603 GMT), Chicago Board of Trade September wheat was down 17-1/2 cents, or 2.4 percent, at $7.10-1/4. It rose on Wednesday to $7.39-1/4, the highest since mid-June.
CBOT September corn lost 11-3/4 cents, or 1.7 percent at $6.99-3/4, while the December corn contract fell 1.7 percent as well to $7.13. September soyabean futures dipped 11-1/4 cents, or 0.8 percent, to $13.45-1/2 and November soya lost 0.8 percent at $13.55-1/2.
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