U.S. soybean futures hit their lowest since December on Monday, with concerns over exports in focus after U.S. Trade Representative Katherine Tai pledged to press Beijing over its failure to keep promises made in former U.S. President Donald Trump’s trade deal.
Traders also said the market remained under pressure from a U.S. Agriculture Department report last week showing U.S. supplies were bigger than expected.
Soymeal futures dropped to their lowest in more than a year on concerns about a supply glut due to the easy availability of soybeans.
Soyoil futures ended slightly higher, supported by gains in the crude oil market. CBOT November soybeans ended down 10-3/4 cents at $12.35-3/4 a bushel. CBOT December soymeal dropped $3.30 to $323.60 a ton. The most-active contract hit its lowest on a continuous basis since Sept. 17, 2020. CBOT December soyoil rose 0.01 cent to 58.83 cents per lb.
Some bargain buying propped up soybean prices early but the November contract turned lower after hitting resistance at the low end of its 20-day Bollinger range.
(Reporting by Mark Weinraub; Editing by Jan Harvey)
