Off the wire

"Market sentiment is that the Chinese have completed their round of good-faith purchases of soybeans, which may have totaled as much as 5M metric tons. With the Chinese buying believed to be done and the US left still with a plethora of beans, a new major buyer of beans may have to be found to give the US soybean crop a home. "Soybeans have turned lower and the rumors on the street are that China is done buying US soybeans for now and they're likely to turn their attention to purchasing US pork," Dennis Smith of Archer Financials says. Soybeans futures are currently trading down 0.8%. Meanwhile, wheat is up 1.3% and corn is down 0.1%."