GRAINS-Corn, soybeans tumble as U.S. harvest begins
* Corn to one-month low, soybeans to lowest since Aug. 23
* Recent rains may benefit some late-maturing U.S. soybeans
* Corn weighed by forecasts for huge U.S. crop
* Wheat down on profit-taking, favorable planting weather
(New throughout: updates prices, adds quotes, changes dateline from previous LONDON, changes byline) CHICAGO, Sept 20 (Reuters) - Chicago Board of Trade corn futures fell to a one-month low and soybeans dropped to their lowest in 3-1/2 weeks Friday on seasonal pressure from the start of the U.S. harvest, traders said. Wheat followed the weaker trend on profit-taking after Thursday's rally and favorable planting weather in the U.S. Plains. At the CBOT as of 10:18 a.m. CDT (1518 GMT), December corn was down 7-1/2 cents at $4.52 per bushel after falling to $4.51, its lowest level since Aug. 14. November soybeans were down 23-3/4 cents at $13.15-3/4 a bushel and December wheat was down 12-1/2 cents at $6.44-1/2 a bushel. Soybeans led the way down. The benchmark November contract was on track for a weekly loss of 4.7 percent, its biggest since May 2012. "It's harvest time and we've got seasonal pressure. Also, we did get the finishing rains for some of the late crop. The market really stopped its rally on soybeans when the temperatures cooled and the rains came," said Don Roose, president of U.S. Commodities in West Des Moines, Iowa. Additional pressure stemmed from funds liquidating net long positions in CBOT soybeans. December corn was on track for a 1.5 percent weekly drop, its third straight decline as the market faces the prospect of a bumper U.S. crop. The USDA last week forecast the harvest at a record 13.8 billion bushels. A weekly crop report showed the corn harvest was 4 percent complete by Sunday. "Harvest results for corn are coming in much better than expected," said Rich Nelson, analyst with Allendale Inc in McHenry, Illinois.
WHEAT STILL ON TRACK FOR WEEKLY RISE CBOT wheat set back one day after climbing 1.6 percent on higher-than-expected weekly U.S. exports, but the December contract was still on track for a weekly rise of 0.5 percent. Wheat prices rose on Thursday after the U.S. Department of Agriculture said exporters shipped more last week to global buyers than in any week in at least the past 23 years, with most of the grain headed for China and Brazil. Tthe setback in corn and soybeans pressured values, along with improving prospects for the 2014 U.S. winter wheat crop, which was 12 percent seeded as of Sept. 15. "We got some good rainfall this week for the Plains, Oklahoma and Texas. It's great wheat planting weather," Nelson said.
Prices at 10:16 a.m. CDT (1516 GMT)
LAST NET PCT YTD CHG CHG CHG CBOT corn 452.50 -7.00 -1.5% -35.2% CBOT soy 1315.25 -24.25 -1.8% -7.3% CBOT meal 413.10 -8.50 -2.0% -1.8% CBOT soyoil 42.27 -0.44 -1.0% -14.0% CBOT wheat 644.25 -12.75 -1.9% -17.2% CBOT rice 1564.00 -4.00 -0.3% 5.2% EU wheat 185.25 -0.50 -0.3% -26.0% US crude 105.66 -0.73 -0.7% 15.1% Dow Jones 15,602 -35 -0.2% 19.1% Gold 1337.46 -26.93 -2.0% -20.1% Euro/dollar 1.3514 -0.0015 -0.1% 2.4% Dollar Index 80.4930 0.1210 0.2% 0.9% Baltic Freight 1904 44 2.4% 172.4%
(Additional reporting by Nigel Hunt in London and Colin Packham in Sydney, editing by William Hardy and Andrew Hay)