Soybeans slip to seven-week low as speculators unwind bullish bets

Chicago soybean futures slipped to a seven-week low on Monday as traders liquidated long positions in response to tepid U.S. export demand and the upcoming Brazilian harvest. Wheat futures fell as large production in Argentina and Australia added to a plentiful supply. Corn followed wheat lower. All three crops have dipped from multi-month highs seen in November, although corn has held up best amid strong U.S. export demand. Soybeans reached a 17-month high of $11.69-1/2 in November but have since fallen by around 8% as the scale of Chinese purchases of U.S. beans following a trade truce between the two nations disappointed traders. beans to arrive, China’s purchases remain well below the 12 million tons U.S. officials said it would buy by year-end. U.S. soybean exports this marketing year are well below last year’s pace and competition will increase early next year when top producer Brazil begins harvesting a potentially record crop. Commodity Futures Trading Commission showed, ...