May 16 (Bloomberg) -- Soybeans advanced in Chicago on signs of sustained demand for U.S. supplies from China, the world’s largest importer of the oilseed.
China bought 171,000 metric tons of soybeans from exporters for delivery in the marketing year beginning Sept. 1, the U.S. Department of Agriculture said yesterday. Buyers in the Asian nation are waiting for the new U.S. crop to develop, China National Grain and Oils Information Center said in an e-mailed report today.
"China is showing continued interest in new-crop U.S. soybeans," Ker Chung Yang, an analyst at Phillip Futures Pte in Singapore, wrote in a report today.
Soybeans for delivery in July rose 0.2 percent to $14.1575 a bushel by 7:18 a.m. on the Chicago Board of Trade on volume 45 percent below the 100-day average for the time of day.
China imported 3.98 million tons of soybeans in April, customs figures compiled by Bloomberg show. Total buying, including purchases from South America, will probably reach a record 7 million to 7.5 million tons in June, according to the grains center.
Corn headed for a third retreat, poised for the longest streak of losses in more than six weeks, while wheat swung between advances and declines.
"The grains are generally weaker, as the weather is conducive to planting in the Midwest again today and has been for the past two or three days," economist Dennis Gartman wrote in his daily newsletter, referring to the largest U.S. corn- growing region.
Corn for delivery in July dropped 0.1 percent to $6.50 a bushel and wheat for the same delivery month added 0.4 percent to $6.965 a bushel after slipping as much as 0.1 percent.
Milling wheat for delivery in November traded on NYSE Liffe in Paris fell 0.2 percent to 209.75 euros ($270.01) a ton.
--With assistance from Feiwen Rong in Beijing, Patrick McKiernan in New York and Rudy Ruitenberg in Paris. Editors: Sharon Lindores, John Deane
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