* Corn hits lowest point since 2010 on ideal crop weather
* Soybeans hit 5-month low on good weather
* Corn, soy crop conditions seen steady at multiyear highs
* Wheat sinks to 4-year low on big global supplies
By Karl Plume
CHICAGO, July 7 (Reuters) – U.S. corn futures tumbled more than 2 percent on Monday to the lowest point in almost four years as largely ideal crop development weather around the Midwest reinforced expectations for a record-large harvest this autumn.
Soybeans slid more than 1 percent to five-month lows on good crop weather. Chicago Board of Trade wheat slumped more than 3 percent to the lowest since 2010, pressured by adequate global supplies.
Fund long liquidations dragged all corn contracts to fresh contract lows as trading resumed after the long U.S. Independence Day holiday weekend.
“Corn is lower as weather conditions continue to be superb over the vast preponderance of the growing area,” said Sterling Smith, analyst at Citigroup.
Plentiful soil moisture and warm weather throughout much of the Midwest posed little threat to the developing corn and soybean crops. Corn is entering its critical pollination stage of development this month.
“We will probably be looking at weather that will be ideal for pollination,” Smith said.
Weekly crop condition ratings were expected to hold steady with the U.S. corn crop in the best shape in 15 years and soybeans seen at their best in 20 years, analysts said on Monday.
CBOT July corn was down 11-1/4 cents, or 2.8 percent, at $4.05-3/4 per bushel at 11:04 a.m. CDT (1604 GMT), the lowest level for a spot contract since August 2010. Actively traded December corn fell 11-1/2 cents, or 2.8 percent, to $4.03-3/4 a bushel.
CBOT July soybeans dropped 27-1/4 cents, or 2 percent, to $13.60-1/2 a bushel, while new-crop November futures shed 12-1/4 cents, or 1.1 percent, to $11.21-1/4 per bushel. Both were at levels not seen since February.
Wheat prices slumped despite worries about new-crop quality following adverse weather this spring. Global stocks are ample and most major producing countries are currently harvesting large crops.
Germany’s DBV farmers’ association estimated on Monday the 2014 winter wheat crop would reach almost 25 million tonnes, versus 24.6 million in 2013.
September soft red winter wheat futures tumbled 19-1/4 cents, or 3.3 percent, to a contract low of $5.60-1/4 per bushel in the steepest drop in 11 weeks.
Prices at 11:04 a.m. CDT (1603 GMT) LAST NET PCT YTD CHG CHG CHG CBOT corn 397.50 -12.00 -2.9% -5.8% CBOT soy 1270.50 -29.25 -2.3% -3.2% CBOT meal 409.10 -8.60 -2.1% -6.5% CBOT soyoil 38.21 -0.46 -1.2% -1.6% CBOT wheat 560.50 -19.00 -3.3% -7.4% CBOT rice 1360.00 2.00 0.2% -12.3% EU wheat 182.25 -2.25 -1.2% -12.8% US crude 103.30 -0.76 -0.7% 5.0% Dow Jones 17,020 -48 -0.3% 2.7% Gold 1315.68 -4.37 -0.3% 9.2% Euro/dollar 1.3605 0.0012 0.1% -0.3% Dollar Index 80.2210 0.0090 0.0% 0.2% Baltic Freight 888 -5 -0.6% -61.0% (Editing by Peter Galloway)