US soybean futures lost more ground on Monday, sliding to their lowest in six-and-a-half years, pressured by the election in Argentina of a president who has promised to cut export taxes and boost production.
Corn eased for a second session as improved crop weather in South America continued to weigh on agricultural markets.
Chicago Board of Trade front month soybeans had fallen 0.6 percent to $8.52-3/4 a bushel by 0301 GMT. They earlier touched a 6-1/2-year low at $8.50-3/4 a bushel, after closing down 0.3 percent on Friday.
December corn slid 0.2 per cent to $3.62-1/2 a bushel and wheat rose 0.4 per cent to $4.90-1/4 a bushel.
“Argentina’s election result is surely bearish for soybean prices,” said one Melbourne-based analyst.
“Soybean prices will underperform relative to corn over the coming weeks, as policies enacted following the Argentine presidential election will encourage increased soybean exports,” BMI Research said in a note.
(Source – http://www.thefinancialexpress-bd.com/2015/11/23/119758)