10-month lows: Demand slams soybeans
U.S. soybean futures settled at a 10-month low Thursday, pressured by higher-than-expected domestic supplies and concerns about a bird flu outbreak in China.
Chicago Board of Trade May soybeans settled down 8 1/4 cents, or 0.6%, at $13.72 a bushel, the lowest settlement for the front-month contract since June 5.
Traders are continuing to sell soybeans after prices began a sharp decline one week ago, when a U.S. Department of Agriculture report showed greater-than-expected domestic stockpiles of soybeans, corn and wheat.
News of a bird flu outbreak in China has also led some market participants to sell soybeans, due to concerns that a cutback in poultry production in China could reduce demand for animal feed, such as soybean meal. Still, some analysts say the effect of the news on the market is largely psychological.
Corn futures also fell Thursday, pressured by the high domestic supplies reported last week.
Wheat futures fell on lower-than-expected export sales in a weekly government report and on profit-taking after prices of the grain jumped Wednesday.
May corn fell 11 1/2 cents, or 1.8%, to $6.30 a bushel, a nine-month low for the front-month contract. CBOT May wheat fell 2 1/2 cents, or 0.4%, to $6.94 a bushel.
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(END) Dow Jones Newswires
April 04, 2013 15:24 ET (19:24 GMT)
DJ U.S. Soybeans Settle at 10-Month Low on Higher Supplies->copyright
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