* Concerns about China's stability sweep through global
markets
* Wheat falls after reaching highest since Aug. 25 on dry
conditions
* Big week expected for US harvest
(Adds closing U.S. prices)
By Rod Nickel
WINNIPEG, Manitoba, Sept 28 (Reuters) - U.S. grain and
soybean futures slid on Monday, pressured by a broad sell-off in
commodity and equity markets and progress by U.S. farmers in
harvesting crops.
Soybeans 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 U.S. corn and
soybean 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 U.S. corn harvest was 21 percent
complete as of Sept. 27, and the soybean harvest 18 percent
done, near their five-year averages. ID:nL1N11Y1BE
Renewed concerns about the stability of China and other big
emerging economies swept through global markets. ID:nL1N11Y1KE
"I think people are looking around and saying, 'There's not
much reason to own anything,'" Krueger said.
Chicago Board of Trade December wheat WZ5 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. ID:nL1N11R1O0 Wheat futures
had climbed earlier on Monday on concerns about poor weather in
the United States, Australia and Black Sea region.
ID:nL5N11T1NG ID:nL4N11U1C5
November soybeans SX5 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 soybeans to processors and elevators.
"Soybeans are still underpinned by the strong export demand
especially from China, as was illustrated by the big U.S. sales
to China reported on Friday," said Frank Rijkers, agrifood
economist at ABN AMRO Bank. "If this strong demand continues
from China I would expect a firm trend in soybean prices."
December corn CZ5 dipped 0.5 percent or 2-1/4 cents to
$3.86-3/4 a bushel.
Traders awaited the U.S. Department of Agriculture's
quarterly stocks and small grains reports expected on Wednesday.