Soybean Futures Plummet with Crude Oil, Bearish Forecasts for Corn Belt

Soybean futures at the Chicago Board of Trade (CBOT) took a hit on Monday, falling in sync with crude oil prices. The West Texas Intermediate (WTI) crude oil price dropped nearly eight percent to US$82.30 per barrel.

The decline was also influenced by forecasts calling for one to two inches of rain across the Corn Belt over the next week, which is bearish for crop yields. Weekly U.S. soybean export inspections were up nine percent from the previous week, but still below last year's numbers at around 350,000 tonnes.

The U.S. Department of Agriculture reported flash sales of 132,000 tonnes of soybeans to China and an additional 126,000 tonnes to unknown destinations. Corn futures also fell in line with crude oil prices, pressured by the selloff.