Soybeans decline from highs

HAMBURG, Oct 16 (Reuters): Chicago soybeans fell on Tuesday, after rising to their highest in about eight weeks on Monday, on speculation drier weather in the US Midwest will enable US soybean harvesting to speed up.
Wheat hit its highest in around two weeks on speculation tightening global supplies will bring more export business to the United States. Corn followed soybeans down.
Chicago Board of Trade most-active November soybeans were down 0.6 percent at $8.85-1/2 a bushel at 1030 GMT. Soy rose 2.8 percent on Monday to the highest since Aug. 21 on concern rain in the Midwest was slowing the U.S. harvest plus reports U.S. soy cargoes were loaded for China.
December wheat rose 0.1 percent to $5.25-3/4 a bushel.
Earlier on Tuesday, wheat hit $5.26-3/4 a bushel, the highest since Oct. 3. December corn fell 0.6 percent to $3.76-3/4 a bushel.
U.S. farmers have harvested 38 percent of their soybean crop, way behind the five-year average of 53 percent and hardly up from 32 percent in the previous week, the U.S. Department of Agriculture (USDA) said in its weekly report late on Monday.
"Soybeans are seeing a pullback after their strong rise on Monday in turn caused by the perfect storm following slow progress with the U.S. harvest, concern about U.S. crop quality and news of U.S. soybean shipments being inspected in ports for China," said Matt Ammermann, commodity risk manager with INTL FCStone.