CBOT soybean futures fall as Chinese purchases miss forecast

Source: Xinhua| 2018-12-22 06:16:55|Editor: Shi Yinglun
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CHICAGO, Dec. 21 (Xinhua) -- Chicago Board of Trade (CBOT) soybean futures ended below 9 U.S. dollars per bushel for the first time in three weeks, as Chinese purchases missed traders' forecast.

Private exporters on Thursday reported to the U.S. Department of Agriculture (USDA) 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.

China bought 1.43 million metric tons of U.S. soybeans last week, according to the USDA. Traders had anticipated that China would buy more soybeans, market watchers said.

CBOT soybeans were also under pressure from abundant supply from South America, overshadowing support from renewed Chinese buying of U.S. supplies.

Wheat futures dropped sharply after Russia raised its grain export forecast and dampened speculation that tight supplies would prompt curbs on overseas shipments from the world's biggest wheat supplier.

Corn futures rose slightly higher after hitting a three-week low in the previous session.

At the end of the session, the most active corn contract for March delivery went up 3.25 cents, or 0.87 percent to close at 3.785 dollars per bushel. March wheat delivery was down 9.5 cents, or 1.81 percent to close at 5.14 dollars per bushel. March soybean delivery was down 8.5 cents, or 0.94 percent to close at 8.9775 dollars per bushel.