Chicago Board of Trade soyabean futures tumbled on Wednesday as concerns about prolonged coronavirus restrictions slammed broader markets and lifted the dollar, traders said.
CBOT May soyabeans fell 23-1/4 cents to $8.62-3/4 per bushel, the steepest percentage drop since March 16. The contract failed to break through technical chart resistance at its 50-day moving average and broke through support at its 20-day moving average.
CBOT May soyameal ended down $6.60 at $314.90 per short ton while May soyaoil fell 0.96 cent to 26.05 cents per pound. Grains markets tumbled amid a broader market sell-off after US President Donald Trump extended coronavirus emergency measures through the end of April.
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