Soybeans Tumble to 1-Month Low as China Cancels U.S. Imports
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Soybeans declined to a one-month low after China, the world’s largest importer, canceled U.S. purchases for the second time in three days.
China canceled 540,000 metric tons, bringing the total to 840,000 tons since Dec. 18, excluding 120,000 canceled by unknown buyers, the U.S. Department of Agriculture said today. Prices plunged as much as 23 percent since reaching a record on Sept. 4, as prospects for rising output in Brazil and Argentina eased supply concerns after a drought reduced harvests in the U.S., the world’s largest grower and exporter.