US soyabean futures on Thursday fell for an eighth day in a row and reached eight-month lows as concerns intensified about the widening coronavirus outbreak, traders said. March soyabeans set their lowest price since May 24, 2019. The spead of a coronavirus prompted broad-based selling as traders looked to reduce risk, analysts said. Traders also worried the new virus in China could cut into demand from the world's top soyabean buyer.
The US Department of Agriculture reported export sales of US soyabeans in the week ended Jan. 23 were 471,700 tonnes, near the low end of analysts' expectations. The USDA reports 360,900 tonnes in weekly sales to China, the world's top soyabean importer, although 210,000 tonnes were sales previously reported to unknown destinations.
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