Chicago Board of Trade soyabean futures fell on Thursday, joining a broad sell-off in commodities and equities tied to fears that the coronavirus pandemic might trigger a global recession, traders said. CBOT May soyabeans settled down 13-3/4 cents at $8.59-1/2 per bushel after hitting a contract low at$8.52-1/4, which was also the lowest price for a most-active soyabean contract on a continuous chart since September 9.
All CBOT soyabean futures months, expect for the nearby March contract, which expires on Friday, set life-of-contract lows. CBOT May soyameal ended up $1.20 at $302.80 per short ton, gaining against soyaoil futures on meal/oil spreading. CBOT May soyaoil settled down 1.15 cents at 26.38 cents per pound after hitting a contract low at 26.25 cents, taking a cue from declines in Malaysian palm oil futures.
Disappointing weekly export sales data weighed on soyabean futures. The US Department of Agriculture reported export sales of US soyabeans in the week ended March 5 at 304,200 tonnes (old and new crop years combined), below a range of trade expectations.
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