NEW YORK (AP) — Soybeans are closing lower for the first day in six Thursday after a rally driven by stronger demand from China petered out.
The price of soybeans for delivery in March fell 3 cents, or 0.2 percent, to $13.15 a bushel on Thursday. Soybeans are still 2.8 percent higher for the week.
Soybeans started the day higher after the U.S. Department of Agriculture's weekly export survey showed continued demand for the crop from China, but turned lower in late morning and slipped throughout the rest of the day.
Soybeans "got a little ahead of themselves and just pulled back," said Todd Hultman, a grains analyst at DTN. "The real story lately has been just how strong and persistent China has been in buying soybeans. They're just showing no signs in backing off."
In other agricultural products trading, wheat and corn futures rose.
Wheat for March delivery rose 5 cents, or 0.9 percent, to $5.73 cents a bushel. Corn for delivery the same month gained 2.25 cents, or 0.5 percent, to $4.28 a bushel.