Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Soybeans Drop as Debt-Crisis Concerns Eclipse China’s Purchases

Feb. 16 (Bloomberg) -- Soybeans fell from a 20-week high in Chicago as European leaders remained divided over a bailout for Greece, overshadowing indications demand is set to remain steady in China, the biggest importer.

Global stocks slid and the euro weakened after a decision slated for yesterday on Greek aid was postponed to Feb. 20. China signed agreements yesterday valued at $4.3 billion to buy 8.62 million metric tons of U.S. soybeans during a five-day visit by Vice President Xi Jinping.

“It’s broader markets, not fundamentals,” that are pushing prices lower, Erin FitzPatrick, an analyst at Rabobank International in London, said by phone. “There have been strong U.S. bean sales this week and not much improvement to Brazilian weather.”

Soybeans for May delivery dropped 0.6 percent to $12.6175 a bushel by 1:15 p.m. London time on the Chicago Board of Trade. The oilseed yesterday reached $12.765, the highest price for a most-active contract since Sept. 27. Brazil is the world’s second-biggest soybean exporter after the U.S.

The delay in the Greek rescue “is negative for risk assets, which includes commodities,” Adam Davis, a trader at Merricks Capital Services Pty Ltd., said by e-mail. Soybeans need “a fresh catalyst to go much higher” after yesterday touching a level at which sell orders may be clustered, he said.

Corn for May delivery declined 0.4 percent to $6.2875 a bushel. The grain slid for a third day and has lost 1.6 percent this month.

Wheat for delivery in May dropped 0.2 percent to $6.33 a bushel. The grain fell for a seventh session in eight. Milling wheat for delivery the same month traded on NYSE Liffe in Paris declined 0.5 percent to 204.50 euros ($265.87) a ton.

To contact the reporters on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net; Tony C. Dreibus in London at tdreibus@bloomberg.net

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.