Soybeans Fall From 3-Month High on Lower U.S. Exports

Soybeans fell from a three-month high on signs that importers are slowing shipments from the U.S., the biggest exporter.

U.S. officials inspected 8.029 million bushels for export in the week ended April 22, less than half the 16.362 million a week earlier, data from the Department of Agriculture show. China accounted for 30 percent of the total, down from 44 percent a week earlier, the USDA said. The combined output in Brazil and Argentina, the biggest exporters after the U.S., will jump 35 percent, the USDA said.

“The drop in U.S. exports was disappointing,” said Mark Schultz, the chief analyst for Northstar Commodity Investment Co. in Minneapolis. “Chinese demand for U.S. soybeans may be shifting to newly harvested crops in South America.”

Soybean futures for July delivery fell 1 cent, or 0.1 percent, to $10.09 a bushel on the Chicago Board of Trade. Earlier, the price touched $10.20, the highest level since Jan. 11. Before today, the most-active futures rose 7.3 percent this month on increased Chinese demand for U.S. oilseeds after farmers in South America withheld supplies for higher prices.

The soybean crop in the U.S. was valued at $31.8 billion last year, second only to corn, government figures show.

Jeff Wilson
Source: Bloomberg