Chicago Board of Trade soyabean futures ended mixed on Thursday amid support from the suspension of Argentine export registrations and pressure stemming from fears about the spread of the coronavirus, traders said.
The actively traded May soyabean contract hit a nine-month low early in the session, but was led higher by rallying soyameal futures, which rose in on short-covering. Deferred contracts weakened.
Argentina's Agriculture Ministry suspended export registrations on Wednesday in a move seen foreshadowing an increase in export duties that would benefit US exports.
Gains in soya were capped by concerns that the spread of the coronavirus in China and other countries could dent global economic growth.
Global stocks and oil prices fell sharply and US Treasury yields hit record lows as traders fretted over the economic impact of the virus, which has infected about 80,000 people globally and killed more than 2,700.
Soyabean gains were also pared by sluggish export demand for US soya as prices for newly harvested Brazilian soyabeans were much lower than US prices.
Traders are still waiting for large US soya purchases by China following its Phase 1 trade deal with the United States.
The US Department of Agriculture reported soyabean export sales for the week totaled 361,400 tonnes, well below market forecasts that ranged from 600,000 tonnes to 900,0000 tonnes.
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