Soybeans dropped for a fourth day to trade near a three-week low on concern demand for U.S. supplies may weaken after China, the world’s biggest buyer, canceled some orders, and as growing conditions improve in Brazil. The oilseed for March delivery slipped as much as 0.3 percent to $14.265 a bushel on the Chicago Board of Trade, near yesterday’s low of $14.2625, the cheapest for the most-active contract since Nov. 27. The price was at $14.275 at 10:45 a.m. in Singapore, 18 percent higher this year. Export sales from the U.S., the largest grower and shipper last year, probably fell to 400,000 to 1 million metric tons in the week to Dec. 13, from 1.3 million tons a week earlier, according to a Bloomberg survey of five analysts. China canceled about 300,000 tons of soybeans for shipment before Sept. 1, the U.S. Department of Agriculture said on Dec. 18. “The trade continued to reel from the export cancellations,� Ker Chung Yang, an analyst at Phillip Futures Pte, said in a report today. “Near-term conditions in Brazil look generally good,� boosting crop prospects, he said. Croplands from Brazil’s Parana to Sao Paolo and Mato Grosso do Sul will have showers and thunderstorms over the next few days, maintaining soil moisture for crops, Accuweather.com said in a forecast yesterday. Corn for delivery in March was unchanged at $7.03 a bushel in Chicago after yesterday slumping to $7.015, the lowest price for the most-active contract since July 11. Futures, which surged to a record $8.49 in August, are up 8.7 percent this year. U.S. corn-export sales probably fell to 200,000 to 600,000 tons in the week to Dec. 13, from 714,964 tons a year earlier, the survey showed. The nation’s production of ethanol, which can be made from corn, fell 0.2 percent last week to 822,000 barrels a day, the lowest level since Nov. 23, as inventories swelled, the Department of Energy said in a report yesterday. Wheat for March delivery added 0.1 percent to $8.0625 a bushel in Chicago, taking this year’s advance to 24 percent. To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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