Soybean drops more than 3% as demand outlook worsens

Soybean futures fell on Monday, amid massive losses in global markets, in addition to dim outlook for demand to be sharply impacted by the spread of the coronavirus.

Global markets suffered massive losses on Monday, due to mounting fears over the coronavirus, despite the central banks attempts to contain the crisis by quantitative easing and rate decisions.

President Trump stressed that the coronavirus pandemic could continue until August, adding that the US economy might be entering a recession.

Soybean prices also saw a sharp drop despite the Argentine government lowering its estimates for the country's production during the 2019/20 season to 52 million tonnes from 54.5 million.

Soybean May futures plunged 3.1% to close at $8.21 a bushel, after hitting today's high at $8.54, and the low at $8.21.