Soybeans slump on worries about China orders
Soybean futures fell Tuesday as traders worried that China might cancel orders from the U.S. Metals and energy futures were mixed.
The actively traded March contract for soybeans lost 36 cents, or 2.7 percent, to $12.805 a bushel.
Rumors that China is canceling orders for U.S. soybeans helped send prices for beans sharply lower, said Brandon Marshall, commodity trader with Northstar Commodity in Minneapolis.
It wasn’t clear if China was actually canceling orders or not, Marshall said, and there wasn’t any word from the U.S. Department of Agriculture.
“In order for beans to keep going higher, you need to keep selling them in the export market,” Marshall said.
The March corn contract edged up a penny to $4.25 a bushel, and March wheat fell 1.25 cents to $5.6225 a bushel.
In metals trading, gold for February delivery slipped $10.10 to $1,241.80 an ounce. Silver fell sharply. The March contract gave up 43.4 cents to $19.87 an ounce.
U.S. crude for February delivery rose 62 cents to $94.99 in New York.
A winter storm bringing heavy snow and freezing cold temperatures to the East Coast helped drive natural gas prices higher.
Natural gas rose 10.5 cents, or 2.4 percent, to $4.431 per 1,000 cubic feet (28.32 cubic meters).