Friday, November 26, 2010 12:01:07 PM
By Jeff Wilson - Nov 26, 2010 10:18 AM CT
Soybeans fell for the first time this week as China, the world’s largest importer, may limit lending to curb commodity speculation and boost sales of government inventories to reduce inflation. Wheat and corn rose.
China’s central bank raised interest rates last month for the first time since 2007 and ordered banks twice this month to hold more money in reserve. The government will sell 300,000 metric tons of soybean stockpiles on Dec. 3. China released 25.5 million tons of grains and edible oils since the end of October, the National Development and Reform Commission said.
“Chinese efforts to curb inflation with higher interest rates and additional sales of government-owned inventories are keeping pressure on soybeans,” said Dax Wedemeyer, a broker at U.S. Commodities Inc. in West Des Moines, Iowa. “Increased sales my slow imports from the U.S.”
Soybean futures for January delivery fell 7.5 cents, or 0.6 percent, to $12.475 a bushel at 10:16 a.m. on the Chicago Board of Trade. A close at that price would trim this week’s gain to 3.8 percent and leave the commodity up 19 percent this year.
Wheat futures for March delivery gained 6 cents, or 0.9 percent, to $6.9125 a bushel on the CBOT. Corn futures for March delivery gained 0.75 cent, or 0.1 percent, to $5.545 a bushel.
China pledged to contain consumer costs after inflation accelerated at the fastest pace since 2008 and food prices jumped 10.1 percent in October. The government may cut the target for new lending next year, Shanghai Securities News reported. The country’s futures exchanges raised margins to discourage speculators.
The soybean crop in the U.S. was valued at $31.8 billion last year, second only to corn at $48.6 billion, government figures show.
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM