Soybeans slip to lowest since October on slow pace of Chinese buying
CANBERRA, Dec 8 (Reuters) - Chicago soybean futures fell below $11 for the first time since October on Monday amid speculation that China will not buy enough U.S. beans to sustain higher prices and after the U.S. government forecast an increase in U.S. soy planting.
Wheat and corn futures also fell, pressured by ample global supply.
FUNDAMENTALS
The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 lost 0.5% to $10.99-1/4 a bushel, the lowest since October 30, at 0110 GMT.
CBOT wheat Wv1 shed 0.3% to $5.34-1/4 a bushel and corn Cv1 eased 0.1% to $4.44-1/4 a bushel.
Soybeans have now fallen around 6% from a 17-month high of $11.69-1/2 reached last month after a Washington-Beijing trade truce resulted in China restarting beans purchases from the U.S.
The pace of Chinese purchases has underwhelmed traders.
The U.S. Department of Agriculture (USDA) confirmed on Friday the sale of 462,000 metric tons of U.S. soybeans to China - the first confirmed amount in a week.
According to the USDA, China's total U.S. soy purchases since the trade truce stood at about 2.7 million tons, including Friday's buys, far below the 12 million tons projected by U.S. officials.
Last week, U.S. Treasury Secretary Scott Bessent appeared to push back the deadline for China reaching that 12 million ton target to the end of February.
Meanwhile, the USDA said U.S. farmers were likely to expand soybean seeding and reduce corn and wheat plantings for the upcoming marketing year.
The market is waiting for the USDA's monthly supply and demand report on Tuesday, with traders and analysts expecting the agency will raise its estimate for U.S. soybean ending stocks and reduce its projection for ending stocks of U.S. wheat and corn, which have had stronger export demand.
MARKETS NEWS
Asian shares dithered on Monday as investors bet the farm on a Federal Reserve rate cut this week, yet the meeting could be one of the most fractious in recent memory with some policy makers openly arguing against an easing. MKTS/GLOB
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