By Rudy Ruitenberg and Luzi Ann Javier June 11 (Bloomberg) -- Soybean futures fell in Chicago after the U.S. raised its stockpile forecast and China canceled or delayed cargoes on concern imports will exceed demand. Soybeans for November delivery dropped as much as 0.3 percent to $8.9175 a bushel on the Chicago Board of Trade and were at $8.94 at 11:50 a.m. Paris time. Global inventories of the oilseed at the end of the year through October will be 65.47 million metric tons, the U.S. Department of Agriculture said yesterday. That’s up from last month’s forecast of 64.8 million tons and 50 percent higher than a year earlier. “Soy fundamentals are finally coming to the forefront,” Bourges, France-based farm adviser Offre et Demande Agricole said in an e-mailed comment. China has canceled or delayed more than 10 inbound soybean cargoes on concern soaring imports will outpace demand, the China National Grain & Oils Information Center said yesterday. Shipments into Shandong, which has the country’s third-biggest provincial economy, were held up as storage capacity was “full,” the center said June 4. The port of Qingdao, the biggest in Shandong, is congested with vessels arriving to unload soybeans, a person with direct knowledge of the matter said. As many as nine more ships, each carrying about 60,000 metric tons, are due to unload this month, said the person, who declined to be identified because the information isn’t public. Corn, Wheat “It certainly adds another bearish element to prices,” Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, said by phone from Sydney today. The port congestion signals “no immediate stock-tightness concerns within China,” he said. Corn futures for July delivery rose 0.2 percent to $3.44 a bushel. Wheat for July delivery added 0.2 percent to $4.34 a bushel. Winter-wheat output in the U.S., the largest exporter of the grain, will drop to 1.482 billion bushels in the year that began June 1, the smallest volume since 2006, because of delays in planting, the USDA said in a report yesterday. The average estimate of 20 analysts surveyed by Bloomberg was 1.442 billion bushels. The USDA also pared its global estimate for wheat stocks to 193.9 million tons at the end of the 2010-11 season from 198 million tons in May. Milling wheat for November delivery traded on NYSE Liffe in Paris rose 0.5 percent to 137.50 euros ($166.46) a metric ton, the first gain in five days. To contact the reporters on this story: Rudy Ruitenberg in Paris at rruitenberg@bloomberg.net; Luzi Ann Javier in Singapore at ljavier@bloomberg.net.

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