Soybean rally unwinds on China demand doubts, ample supply

Chicago soybean futures fell to a six-week low on Tuesday, dragged down by doubts about the scale of Chinese demand for U.S. beans and expectations that large South American production will keep the market well supplied. Corn and wheat futures rose after data showed healthy demand for U.S. exports, but gains were capped by abundant global supply. The U.S. Department of Agriculture (USDA) will release a monthly crop supply-demand report later in the day that could move prices. The most-active soybean contract on the Chicago Board of Trade (CBOT) ZS1! had fallen 0.1% to $10.92-1/2 a bushel by 0327 GMT, with CBOT wheat ZW1! rising 0.3% to $5.36-1/2 a bushel and corn ZC1! gaining 0.1% to $4.44 a bushel. Soybeans rallied to a 17-month high of $11.69-1/2 in November after top importer China resumed U.S. purchases in late October. But prices slid as low as $10.91-3/4 on Tuesday, the weakest since October 30. “There’s certainly more room to fall,” said Sean Hickey, an analyst at Bendigo ...