Chicago Board of Trade soyabean futures fell more than 2% on Monday in sympathy with declines in energy and equity markets after Saudi Arabia launched a crude oil price war against Russia and fears escalated over the economic impact of the coronavirus, traders said. CBOT most-active May soyabeans settled down 21-1/4 cents at $8.70 per bushel after hitting $8.67, the contracts lowest since May 13, 2019.
CBOT soyaoil futures set across-the-board contract lows, with most-active May ending down 1.21 cents at 27.54 cents per pound after hitting a contract low at 27.07 cents. Soyaoil futures are vulnerable to declines in crude oil in part because soyaoil is the main US feedstock for biodiesel fuel. CBOT May soyameal ended down $4.70 at $300.40 per short ton.
The US Department of Agriculture reported export inspections of US soyabeans in the latest week at 572,416 tonnes, in line with trade expectations for 500,000 to 800,000 tonnes. The USDA said private exporters sold 123,500 tonnes of US soyabeans to unknown destinations for delivery in the 2019-20 marketing year that began September 1, 2019.
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