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Soybeans slip as China cancels purchases

02/12/2014 @ 2:35pm

Soybeans fell to the lowest closing price in a week after the U.S. Department of Agriculture confirmed that China canceled purchases of U.S. oilseeds. Wheat and corn also declined.

China canceled shipments of 272,000 metric tons from the U.S. that were scheduled for delivery in the marketing year that started Sept. 1, the government said in a report Wednesday. The Asian country then bought 240,000 tons of soybeans for delivery next year, according to the USDA.

Traders had been anticipating China would cancel purchases from the U.S. as the harvest accelerates in Brazil, the world's biggest exporter of the oilseeds.

Soybean futures for March delivery fell 11 3/4 cents, or 0.9%, to $13.23 a bushel on the Chicago Board of Trade.

Corn futures declined on speculation that U.S. growers have released some grain stored in on-farm bins after prices rose the past month.

Corn futures for March delivery fell 1 1/2 cents, or 0.3%, to $4.40 a bushel on the CBOT.

Wheat for March delivery dropped 3 1/4 cents, or 0.6%, to $5.87 a bushel in Chicago trading.

Write to Tony C. Dreibus at tony.dreibus@wsj.com
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(END) Dow Jones Newswires
February 12, 2014 15:06 ET (20:06 GMT)
DJ Soybeans Fall to One-Week Low as China Cancels Purchases->copyright

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