US soyabean futures plunged 2.8% on Monday to their lowest in nearly 10 months, led lower by a sell-off in financial markets stemming from worries about a global economic slowdown due to the coronavirus pandemic.
The decline was the biggest one-day drop in percentage terms for the most-active contract since August 2018.
Good harvest weather in Brazil, the top global exporter of soyabeans, and slow demand for US supplies added to the bearish tone.
Soyaoil futures sank to their lowest on a continuous basis since Oct. 2006 as a crumbling crude oil market scuttled demand for biofuels made from soyaoil.
Soyameal futures also were lower, but the market remained within recent trading ranges on hopes for a pick-up in exports due to supply tightness in China.
Weekly US Agriculture Department report showed soyabean export inspections totaled 436,358 tonnes, down from 579,102 tonnes the prior week.
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