Call it buyer’s remorse or business as usual. As Paul Georgy noted on the Allendale Wake-Up Call blog Tuesday morning, the “trade is watching for more cancellation of Chinese soybean cargoes out of U.S. as Brazil's harvest gets underway.”
And the Chinese delivered, backing away from yet another soybean sale Tuesday. The news pushed futures down by roughly a dime, leaving March bean futures at $9.82.
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The latest Chinese economic news is surely another factor. “This morning China announced that its economy had grown at 7.4 percent in 2014 down from 7.7 percent growth in 2013,” said Kevin McNew and Cody Bills, who write the Grain Insights blog. “This year’s economic growth in China has been the slowest in nearly 27 years.”
Corn had a better day, moving up more than 3 cents to $3.976 for May futures. The reason? “Value buying” and “stronger than expected corn export sales,” according to Julianne Johnston of Pro Farmer.