Grains slide 2 % as exports disappoint

U.S. soybean futures fell more than 2 percent on Thursday, with the benchmark November contract on track for its largest single-day decline since August, on disappointing weekly export sales and improving U.S. harvest weather, analysts said. Corn and wheat followed the weak tone. November soybeans futures were down 20-1/2 cents at $8.65-1/4 per bushel. CBOT December corn was down 3-3/4 cents at $3.70-1/2 a bushel and December wheat was down 4-3/4 cents at $5.12-3/4 a bushel. Soybeans tumbled after the U.S. Department of Agriculture reported export sales of U.S. soybeans in the latest week at 295,600 tonnes, below a range of trade expectations. The figure included cancellations of 694,400 tonnes of soybeans sold to unknown destinations. "Today's market is clearly a statement that we have transitioned out of a supply (focus) and into a demand-focused, demand-driven market. This dismal sales number here today sets the tone," said Rich Feltes, vice president for research with R.J. O'Brien. U.S. soybeans are the cheapest in the world, but China, by far the world's biggest soy buyer, is locked in a trade battle with Washington.