Overnight developments: Soybeans plunge as China cancels

Soybeans fell sharply last night & in the overnight eCBOT market on news that China cancelled previously ordered US soybeans.

Weekly NOPA crush data released yesterday was the smallest July crush since 2004 which is adding to soybeans woes this morning.

Weakness in outside markets is also hanging over the market with crude oil down almost $2/barrel at $113.05.

eCBOT beans are currently around 42-43c lower, with spillover weakness into the other pits dragging corn 15-16c lower and wheat 20-24c down.