CBOT soybeans lower on demand concerns
CHICAGO, March 2 (Reuters) - Chicago Board of Trade soybean futures fell on Monday as market players refocused on doubts that China will buy an additional 8 million metric tons of U.S. soybeans as ties between the two countries frayed.
Earlier, soybeans tracked gains in soyoil during the overnight session, which rose alongside crude oil prices amid the ongoing conflict in the Middle East involving U.S.-Israeli attacks on Iran.
China on Sunday condemned the killing of Iran's Supreme Leader Ayatollah Ali Khamenei by U.S.-Israeli airstrikes, stoking uncertainty in the market and adding to concerns that U.S. President Donald Trump's trip to China will not happen as scheduled.
U.S. soybeans are uncompetitive on the global market amid a record harvest in Brazil and non-threatening weather in the rival supplier.
AgRural estimated the country's 2025/26 soybean output at 178 million metric tons, lowering its forecast from 181 million tons, citing drought-related yield losses in Rio Grande do Sul.
Brazilian farmers had harvested 39% of their soy crop as of last Thursday, AgRural said, up 9 percentage points from the previous week but lagging the 50% reported a year earlier.
CBOT May soybeans SK26 fell 6-3/4 cents to $11.64 per bushel.
CBOT May soyoil BOK26 rose 0.89 cent to end at 62.74 cents per pound.
CBOT May soymeal SMK26 ended $7.60 lower at $312.90 per short ton.
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