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Soybean prices slump on import restrictions

Soybeans fell to the lowest level since 2010 after China suspended import approval on two genetically modified traits and US farmers began harvesting a record crop. Corn rebounded from a five-year low. Prices tumbled 30 percent this year on expectations that a record harvest in the US, the top grower, will boost global supply. Two genetically modified traits currently not grown in commercial quantities in the US were held as "pending" in China, the biggest buyer, Jim Sutter, chief executive officer of the US Soybean Export Council, said.

Yuan-euro trading gets underway, PBOC says