Soybeans slump on worries about China orders

AP News
Posted: Jan 21, 2014 4:58 PM

Soybean futures are lower as traders worry that China might cancel orders from the U.S. Metals and energy futures are mixed.

The actively traded March contract for soybeans lost 36 cents, or 2.7 percent, to $12.805 a bushel Tuesday. Wheat edged lower and corn rose slightly.

Rumors that China is canceling orders for U.S. soybeans helped send prices for beans sharply lower, said Brandon Marshall, commodity trader with Northstar Commodity in Minneapolis. It wasn't clear if China was actually canceling orders or not, Marshall said.

In other trading, gold for February delivery slipped $10.10 to $1,241.80 an ounce. Silver fell sharply. The March contract gave up 43.4 cents to $19.87 an ounce.

U.S. crude for February delivery rose 62 cents to $94.99 in New York. Other energy futures were mixed.