Soybean Prices Plummet Amid Disappointing Trade Details

Grain futures tumbled on Monday, led by soybeans which plummeted to a three-month low. The December contract fell by 30¾ cents to $12.88¼, while corn and wheat also saw significant declines due to profit-taking and long liquidation. A firmer US dollar, trading near a three-month high, added bearish pressure.

Traders were disappointed that soybeans were excluded from the latest US-China tariff-reduction list, even as other agricultural products such as corn, wheat, meat, and dairy were included. This move weighed heavily on soybean futures, with December meal falling $11.60 to $359.40 a ton.

The livestock market also saw declines, with cattle and hog futures reversing lower after posting gains last week. December live cattle fell by $1.35 to $220.80, while lean hogs dropped 62½ cents to $68.40 due to weak cash markets and bearish technical conditions.