Jan 3 (Reuters) - Soybean futures on the Chicago Board of Trade fell for a third straight session on Thursday, with the bellwether March contract touching a six-week low after China canceled orders of U.S. soybeans, traders said.
- USDA said China canceled purchases of 315,000 tonnes of U.S. soybeans for delivery in 2012/13. The move follows Chinese cancellations of purchases totaling 840,000 tonnes in the week of December 16.
- Also bearish, USDA's attache in Brazil raised its estimate of
Brazil's 2012/13 soybean production to a record-large 83 million tonnes,
above USDA's last official forecast of 81 million tonnes.
- Additional pressure from strength in the U.S. dollar, which
firmed after minutes from the Federal Reserve's latest meeting showed
rising concern about the Fed's policy of buying bonds to stimulate growth.
The policy has helped to buoy equity and commodity markets.
- CBOT soymeal fell for a sixth day, with the front contract dipping
below below $400 a ton for the first time in seven months.
- CBOT March soyoil ended lower on profit-taking after
Wednesday's 2.7 percent jump, halting a four-session rally.
- Trade expects USDA to report weekly export sales of U.S.
soybeans on Friday at 250,000 to 450,000 tonnes. The report was delayed by
a day due to the New Year's Day holiday.
- CBOT reported nine soymeal deliveries against January futures,
2,754 soyoil deliveries and no soybean deliveries.
