Home / Markets / Markets Analysis / Soybeans market / 10-month lows: Demand slams soybeans

10-month lows: Demand slams soybeans

04/04/2013 @ 2:40pm

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.

Write to Owen Fletcher at owen.fletcher@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(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

Sign up for our Market Email Alerts!


CancelPost Comment

USDA: Reporting Hog Deaths Required By: 04/18/2014 @ 10:45am The U.S. Department of Agriculture said Friday it will require the pork industry to report…

Wheat Futures Rise as Cold, Drought Threaten… By: 04/17/2014 @ 3:51pm Wheat futures rose for the third time in four sessions on speculation that cold weather earlier…

Ukraine Upheaval Sparks Business Concerns By: 04/17/2014 @ 1:22pm Escalating military action and sanctions are forcing executives around the globe to map out…

This container should display a .swf file. If not, you may need to upgrade your Flash player.
Big Picture: CME Trading Weather