Soybean closes lower for second straight session

Soybean futures closed lower on Thursday, for the second straight day on mounting fears over a global economic recession due to the coronavirus.

Fitch estimated that the global GDP would suffer a deep recession this year, due to the coronavirus pandemic.

Soybean was lifted earlier this week by news about rising Chinese demand on soy, which indicates China's ability to commit to the Phase-One trade agreement signed with the US in mid-January.

Argentine agricultural crops shipments were lower 7% during March compared to February, as the coronavirus emerged in the country.

The USDA estimated the plantation of 83.5 million acres of soybean crops this season, lower than most forecasts.

Soybean May futures fell 0.4% to close at $8.58 per bushel, after hitting a day high of $8.70 and a low of $8.57.