Soybeans Drop on Slower Chinese Demand; Corn Gains; Wheat Falls
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Soybeans fell to the lowest in almost five months on reports that China canceled previous purchases as improved planting progress in South America boosted potential for record crops. Corn rose and wheat declined.
China, the world’s biggest soybean consumer, canceled 10 cargoes totaling 600,000 metric tons, Commerzbank AG said today in an e-mailed report, citing the country’s National Grain and Oils Information Center. Rain followed by dry, warm weather will aid planting and early crop development the next two weeks in parts of Brazil as dry weather eases flooding in Argentina for sowing, World Weather Inc. said in a report.