CHICAGO: US soyabean futures closed down the 70-cent limit in the March, May and July contracts as index funds exited positions, paring risk amid geopolitical unrest in the Mideast and North Africa, traders said.
A steep rally in crude oil futures did little to boost the soya complex. Some traders suggested that funds may have added energy positions as they cut exposure to agricultural futures.
Front-month March CBOT soyabeans settled 5.12 percent lower at $12.98 a bushel. Expanded limits will be in place for Wednesday's trading day, which begins with electronic trading on Tuesday night, the CME Group said.
In addition to soyabeans, nearby corn and wheat futures also fell to their daily price limits.
May soyabeans traded synthetically, through options on soyabean futures. Their price was quoted by pit brokers between $13.09 to $13.11, compared with a close of $13.11.
Funds sold an estimated net 10,000 contracts.
Soyabean futures volume was estimated at 355,258 contracts by the CME Group, about 72 percent higher than the 30-day average, according to data computed by Thomson Reuters.
Acreage estimates also weighed on soyabean prices. On average, analysts expect soyabeans will be planted in about 77.8 million acres, according to a Reuters poll.
USDA says weekly export inspections of soyabeans 41.0 million bushels, topping forecasts for 30.0 million to 35.0 million.
Showers in Brazil favor filling crops but also slowing early harvest this week. Warmer and drier weather later in the week to buoy harvest progress. Showers and cooler temperatures in Argentina seen aiding crops. Grain dealers in the US Midwest said they were posting protection of 10 cents per bushel against their spot cash bids for soyabeans and 5 to 10 cents protection on spot corn bids Tuesday afternoon after a sell-off in Chicago Board of Trade grain futures.
CBOT March soyameal down $15.50 at $346.50 per ton.
Following soyabeans. Funds sold an estimated net 4,000 soyameal contracts.
Spot basis offers for soyameal mostly unchanged around US Midwest amid slow dealings.
CBOT March soyaoil down 2.50 cents at 53.99 cents per lb.
May soyaoil trading synthetically at 54.60 cents per lb, down 0.02 cent from close. Funds sold an estimated 6,000 soyaoil contracts.