Chicago Board of Trade soyabean futures slid on Friday as rising Middle East tensions fueled profit-taking and increased uncertainty, analysts said. Selling hit markets after a US air strike in Baghdad killed Tehran's most prominent military commander.
The most actively traded soyabean contract was due for a correction, analysts said, after reaching its highest price since June 12, 2018, on Thursday. Malaysian palm oil futures also closed lower. Rallies in palm oil recently helped lead the CBOT soya complex higher.
The US Department of Agriculture said total net US soyabean export sales last week were 332,047 tonnes, below expectations for 350,000 tonnes to 1.05 million tonnes. China has committed to buying more US farm products as part of a Phase 1 bilateral trade deal, although details have not been announced.
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