US soy futures up slightly after China's sell-off

US soy futures regained some ground on Friday (May 8) after falls on Thursday (May 7) when talk persisted that China was cutting back on soy purchases from the US.

Wheat also eased as concern lessened about US crops but corn rose on delayed plantings. There was little interest in front month contracts that expire on May 14.

Soy futures retreated from a new seven-month high set in Asia on Thursday (May 7) on rumours that China, which has been on a buying spree, cancelled the purchase of several cargoes and delayed the shipment of others from the US.

China has taken delivery of 16.6 million tonnes of the 18.1 million tonnes it has purchased in the current season, but a source of concern for traders has been the more than 1.6 million tonnes that has been bought by China but has yet to shipped out.

Oklahoma's wheat crop is expected to be more than 53 percent smaller than last year's due to the drought and cold weather that damaged the crop when it was still vulnerable, an industry trade group said on Thursday (May 7).