World Biz
CBOT soybean futures fall as abundant supply outweighs Chinese purchases
Last Updated: 2018-12-21 14:24 | Xinhua
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Chicago Board of Trade (CBOT) soybean futures fell for the second consecutive session on Thursday, as abundant crop supply from South America overshadowed renewed Chinese demand for U.S. inventories.

AS weather turns more favorable and the harvest underway in South America, another top world soybean exporter Brazil is ready to arrange shipments for overseas buyers.

In its latest crop report, the U.S. Department of Agriculture estimated Brazilian soybeans production at 122.0 million metric tons in December, up 1.5 million metric tons from November.

Private exporters on Thursday reported to the U.S. Department of Agriculture new export sales of 204,000 metric tons of soybeans for delivery to China, following 1.199 million metric tons to the same destination this week.

However, traders anticipated that China would buy more soybeans, said Market watchers.

Corn futures also fell to the lowest in three weeks on concerns about demand from ethanol producers and as forecasts for rain in dry areas of Brazil's corn region bolstered the country's production outlook.

Wheat rebounded after two days of declines as short-covering and technical buying lifted prices from one-week lows.

At the end of the session, the most active corn contract for March delivery went down 6.5 cents, or 1.7 percent to close at 3.7525 dollars per bushel. March wheat delivery was up 1 cent, or 0.19 percent to close at 5.235 dollars per bushel. March soybean delivery was down 6.75 cents, or 0.74 percent to close at 9.0625 dollars per bushel.

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