Chicago Board of Trade soyabean futures retreated on Friday after three sessions of gains as fears about the spread of the coronavirus around the world fueled concerns about a global recession, traders said.
Global stocks and oil prices fell sharply as traders fretted over the economic impact of the spread of the virus. Stock markets were on course for their steepest weekly fall since the 2008 global financial crisis.
The actively traded May soyabean contract ended the week down 0.7% in a second straight weekly loss. But the contract was modestly higher for the month after shedding about 8.5% in January.
Losses on Friday were pared by end-of-week and end-of-month position squaring.
A move by Argentina's Agriculture Ministry to suspend export registrations this week, suggesting an imminent increase in export duties that would benefit US exports, also kept a floor under soyabean futures.
Traders are still waiting for large US soya purchases by China following its Phase 1 trade deal with the United States. An import tariff waiver system in China is due to go live next week.
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