CHICAGO- Chicago Board of Trade (CBOT) soybean futures slid sharply on technical trading as investors rushed to liquidate their positions ahead of the weekend, traders said.
The most-active soybean contract fell to the lowest prices seen since July – and several new-crop soybean contracts also plunged to new contract lows – amid poor US export demand, and a new forecast estimating that Brazil’s soybean crop would be bigger than expected.
And commodity and financial markets roiled late in the day, after US House Republicans and President Joe Biden’s Democratic administration on Friday paused talks on raising the federal government’s $31.4 trillion debt ceiling, as the deadline to avoid default ticked closer.
“It’s a fragile market and the end of a poor technical trading week,” said Don Roose, president of Iowa-based US Commodities. “The market is looking to see if we can set a new floor.”
Corn and wheat futures spent the day in choppy trading, as a spate of bargain buying early in the trading session pulled prices up in a technical rebound from sharp lows a day earlier. – Reuters
