CBOT soybeans retreat from oil-led rally on profit-taking, technical selling
CHICAGO, March 9 (Reuters) - Chicago Board of Trade soybean futures rallied on Monday to their highest point since June 2024 but ended mixed, with nearby contracts down as technical selling and profit-taking reversed earlier gains triggered by soaring crude oil prices.
Soybeans were also pressured by declines in soyoil futures, which rose for 10 straight sessions and hit the highest point since late 2022 before closing lower on Monday.
Grain markets can track movements in crude oil, partly due to investment flows from commodity funds and also because crops like soybeans and corn are widely used for making biofuel.
Oil prices were up about 8% on Monday, paring gains after hitting their highest since 2022 earlier in the session, as Saudi Arabia and other OPEC members cut supplies due to disruptions from the expanding U.S.-Israeli war with Iran. O/R
Grain traders are awaiting a monthly U.S. Department of Agriculture crop supply and demand report due on Tuesday. Analysts polled by Reuters expect minimal adjustments to the USDA's U.S. and global stocks forecasts and its South American harvest outlooks.
The USDA said 879,190 metric tons of U.S. soybeans were inspected for export in the week ended March 5, down from 1,162,033 tons a week earlier but near the high end of a range of trade estimates.
Brazilian farmers had harvested 51% of their 2025/26 soybean crop as of last Thursday, agribusiness consultancy AgRural said on Monday, up 12 percentage points from the previous week but below the 61% reported a year earlier.
CBOT May soybeans SK26 settled 4-1/2 cents lower at $11.96-1/4 per bushel. The contract peaked at $12.33-3/4, the highest level for a most-active contract Sv1 since May 28, 2024.
CBOT May soyoil BOK26 fell 0.48 cents to finish at 66.10 per pound.
Nearly all soybean and soyoil contracts hit life-of-contract highs during Monday's session.
CBOT May soymeal SMK26 dropped $3.70 to end at $313.50 per short ton.
