Chicago Board of Trade soyabean futures fell from three-week highs on Monday, pressured by plentiful supplies and concerns about escalating trade tensions with China. CBOT May soyabeans settled down 9-1/4 cents at $10.35-1/2 a bushel. The contract hit a fresh three-week high of $10.60-1/2 in early trading on follow-through buying from a bullish US Department of Agriculture planting forecast late last week.
New-crop November soyabeans rose to a contract high of $10.60 but settled 7-3/4 cents lower at $10.40 a bushel. September through July 2019 all posted contract highs.
CBOT May soyameal ended down $6.70 at $377.30 per short ton while May soyaoil rose 0.17 cent to 32.04 cents per pound. Concerns of a tit-for-tat trade war with China weighed on agricultural commodities after Beijing announced higher tariffs on a long list of US goods, including pork and ethanol.
Soyabeans were also pressured by ample stocks of the oilseed after the USDA last week estimated March 1 supplies above expectations at 2.107 billion bushels.