FILE - In this Monday, Jan. 14, 2013, file photo, the 2014 Chevrolet Corvette Stingray is revealed at media previews for the North American International Auto Show in Detroit. Maybe it was the brand new, bright red Chevrolet Corvette gleaming in one corner, or the elegant BMW coupe in the other, but car companies were positively giddy this week as the North American International Auto Show opened in Detroit. U.S. new car and truck sales reached a five-year high of 14.5 million in 2012, and many executives and analysts think they'll climb to 15.5 million this year. (AP Photo/Paul Sancya, file)
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FILE - In this Monday, Jan. 14, 2013, file photo, the 2014 Chevrolet Corvette Stingray is revealed at media previews for the North American International Auto Show in Detroit. Maybe it was the brand new, bright red Chevrolet Corvette gleaming in one corner, or the elegant BMW coupe in the other, but car companies were positively giddy this week as the North American International Auto Show opened in Detroit. U.S. new car and truck sales reached a five-year high of 14.5 million in 2012, and many executives and analysts think they'll climb to 15.5 million this year. (AP Photo/Paul Sancya, file)
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FILE - In this March 3, 2012 photo, a lift brings a Volkswagen Beetle from a tower at the Autostadt in Wolfsburg, Germany. A steadily improving economy and strong December sales lifted the American auto industry to its best performance in five years in 2012, especially for Volkswagen and Japanese-brand vehicles, and experts say the next year should be even better. (AP Photo/dapd, David Hecker, File)
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In this Wednesday, Dec. 5, 2012, photo, Honda Civic and Honda CRVs are seen outside of a Honda car dealership in Des Plaines, Ill. The U.S. auto industry ended 2012 on a high note, with December sales the strongest they have been since before the recession. Analysts predict an even bigger year in 2013, as a stronger economy, low-interest rates, aging cars on the road and competitive new products continue to draw buyers to dealerships. (AP Photo/Nam Y. Huh)
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In this Wednesday, Jan. 9, 2013 photo, Chevy trucks line the lot of a dealer in Murrysville, Pa. Ford, Chrysler and General Motors all reported double-digit gains for January as last year’s momentum in U.S. auto sales continued into 2013, according to reports Friday, Feb. 1, 2013. (AP Photo/Gene J. Puskar)
Soybeans extend declines as Chinese demand wanes
NEW YORK (
AP) — Soybeans are falling after the U.S. government reported weaker demand for the crop from Chinese buyers.
March soybeans fell 5 cents to $14.18 a bushel Thursday. The contract has declined six out of the last seven days and is down 3.5 percent this month.
Demand for U.S. soybeans has also been undermined by forecasts for a strong harvest in South America, especially Brazil.
"Now we're looking at South American soybeans coming back into the market and that will certainly pressure the cash market here," said Sterling Smith, a commodities strategist at Citigroup. "They're cheap and there's going to be a lot of them."
In other grain trading, wheat and corn also fell.
Wheat fell 3.5 cents, or 0.5 percent, to $7.32 a bushel. Corn for March delivery also edged lower, falling 0.75 cents, or 0.1 percent, to $6.9475 a bushel. Corn has now dropped for the last 10 trading days.
Metals fell, led by silver.
Gold for April delivery dropped $9.60, or 0.6 percent, to $1,635.50. Silver for March delivery fell 51.60 cents, or 1.7 percent, to $30.3530.
Platinum for April delivery dropped $18.80, or 1.1 percent, to $1.710.90. March palladium fell $8, or 1 percent, to $764.05 an ounce. Copper also edged lower, dropping 0.5 cents to $3.7375 a pound.
The price of oil rose above $97 per barrel Thursday, reversing Wednesday's small drop. Benchmark oil rose 30 cents to finish at $97.31 per barrel.
Wholesale gasoline for April rose 4.4 cents, or 1.4 percent, to $3.3164 a gallon.
In other energy trading, natural gas dropped 14.30 cents, or 4.3 percent, to $3.1630 per 1,000 cubic feet. Heating oil for March rose 0.5 cents to $3.2237 a gallon.
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