CHICAGO: US soyabean futures fell on Monday on the outlook for favorable harvest weather in the heart of the Midwest, where producers are poised to sell soyabeans and store their corn, analysts said.
Traders were also squaring positions ahead of quarterly grain stocks reports due midweek from the US Department of Agriculture.
As of 12:55 p.m. CDT (1755 GMT), Chicago Board of Trade November soyabean futures were down 5-1/2 cents at $9.97 per bushel, extending a retreat from contract highs set earlier this month.
CBOT December corn was up 1-3/4 cents at $3.67 a bushel and December wheat was up 4-1/2 cents at $5.48-3/4 a bushel.
Robust Chinese demand for US soya in recent weeks lifted nearby CBOT futures contracts relative to deferred months, creating an incentive for farmers to sell their soyabeans promptly as the harvest unfolds.
For corn, nearby CBOT futures are trading at a discount to deferred months, encouraging producers to hold their corn for later sale.
"We are seeing some harvest pressure in soyabeans. Farmers are selling beans right off the combine, (but) any harvesting of corn is being put into storage," said Brian Hoops, president of Midwest Market Solutions.
Showers in parts of the Midwest on Monday were expected to give way to dry weather for the rest of the week, favouring field work.
Ahead of the USDA's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to show the US corn harvest as 17% complete and the soyabean harvest as 18% complete.
CBOT wheat futures were higher, rebounding after the December contract dipped to $5.37-3/4, its lowest since Sept. 17. Worries about dry conditions in Russia, the world's biggest wheat exporter, lent support.
Russia badly needs rains to arrive within the next few weeks as its farmers continue sowing the 2021 winter wheat crop in dry soil, agriculture consultancy Sovecon said.
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