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U.S. grains under pressure; soybeans trade at 3-month low

Published 01/20/2015, 06:15 AM
Updated 01/20/2015, 06:15 AM
U.S. soybeans fall to 3-month low

Investing.com - U.S. soybean futures fell to the lowest level in almost three months on Tuesday, as concerns over weakening demand from China combined with optimism over crop prospects in major South American growers underlined concerns over ample global supplies.

On the Chicago Mercantile Exchange, US soybeans for March delivery hit a session low of $9.8138 a bushel, a level not seen since October 27, before trading at $9.8363 during U.S. morning hours, down 7.9 cents, or 0.8%.

Agricultural commodity markets were closed on Monday for the Martin Luther King, Jr. holiday. US soybeans for March delivery inched up 0.6 cents, or 0.08%, on January 16 to settle at $9.9160.

The U.S. Department of Agriculture said last week China cancelled purchases of 285,000 tons of U.S. soybeans, fuelling concerns over a slowdown in demand from the world's biggest consumer of the oilseed.

Meanwhile, US corn for March delivery shed 3.27 cents, or 0.85%, to trade at $3.8313 a bushel, amid indications of plentiful supplies.

The U.S. Department of Agriculture said on January 12 that the U.S. harvest totaled 14.216 billion bushels last year on yields of 171 bushels an acre, both record-highs.

Elsewhere on the Chicago Board of Trade, US wheat for March delivery slumped 2.38 cents, or 0.45%, to trade at $5.2963 a bushel.

The March wheat contract fell to a ten-week low of $5.2800 a bushel on January 15, amid ample global supplies and indications of reduced demand for U.S. wheat.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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