US soyabean and corn prices dropped yesterday after China announced plans to sell some of its state reserves next week, provoking talk that this was a tactical move to pull these markets lower.
CBOT August soyabeans dropped below the $10 mark, sinking to $9.80 a bushel, a three-month trough, before recovering slightly to $9.86, down 34½ cents, or 3.4 per cent.
After buying record volumes of US soyabeans for its reserves this year, China said yesterday it would sell 500,000 tonnes. However, with imported soyabeans trading at $40 to $50 cheaper than the $549 a tonne set by the government, traders doubted whether there would be much appetite for the planned sales.
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