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Soybeans lead the way in losses

By Michael Bellart (Global Times)

09:27, November 19, 2012

Chinese commodity futures fell broadly again last week as concerns about the European and US economies took a toll on sentiment.

Soybean derivatives were last week's biggest loser, as the most traded soybean meal and soybean oil contracts on the Dalian Commodity Exchange plunged 6.31 percent and 2.83 percent respectively.

The May soybean contract fell 0.67 percent for the week to close at 4,748 yuan ($760.88) per ton.

Soybeans futures fell on news that China, the world's largest buyer of the oilseed, cancelled orders of 600,000 tons of US soybeans, Reuters reported. The China National Grain and Oils Information Center said the deals were cancelled due to a drop in domestic prices that made the imports unprofitable.

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