Soybeans, wheat, corn futures fall

BEIJING/HAMBURG, Feb 2 (Reuters): Chicago Board of Trade soybeans, wheat and corn futures fell on Monday, tracking a slump in the commodities markets, ample global supplies and the dollar's strength that made US exports less competitive in international markets.
Chicago Board of Trade most-active soybeans fell 0.5% to $10.58-1/2 a bushel at 1115 GMT. Wheat fell 0.7% to $5.33-3/4 a bushel, corn fell 0.4% to $4.26-1/2 a bushel.
Gold, silver, oil and industrial metals plunged as the choice of Kevin Warsh as the next Fed chair unleashed selling in risk assets that sent precious metals tumbling for a second session.
"It looks like markets are caught up in the general commodities selloff today," one German trader said.
"Markets are anyway currently very exchange-rate driven." The dollar clung to its gains on Monday as investors weighed what the US Federal Reserve under Kevin Warsh might look like, with his preference for a smaller balance sheet.
In South America, Brazil is in the early stages of harvesting what is forecast to be a record soybean crop.
Traders expect China to turn mainly to Brazil for imports in the coming months after a recent wave of US soybean purchases.
Rains across key agricultural regions in western Argentina improved soil moisture conditions, yet soy and corn crops will still need more rainfall in the coming weeks to avoid yield losses.
But harvesting of Argentina's big new crop is finishing, traders said. Chicago wheat also drew background support from severe cold in the wheat belts of the US and the Black Sea region, though snow cover helped protect crops from winterkill in many areas.