US soybean futures plunge

Chicago Board of Trade (CBOT) agricultural futures settled mixed for the trading week ending Jan. 24, with soybean futures dropping nearly three percent as trades were awaiting fresh Chinese purchases.

The most active soybean contract for March delivery lost 27.75 cents, or 2.98 percent week on week, to close at 9.02 U.S. dollars per bushel. March corn decreased 2 cents, or 0.05 percent, to settle at 3.8725 dollars per bushel. March wheat rose 3 cents, or 0.53 percent, to end at 5.735 dollars per bushel.

China and the United States signed their phase-one economic and trade agreement last week. Market participants hope the deal will increase U.S. crop sales to China.

Brazilian soybean production will be higher than the previous year, according to consultancy Agroconsult. This news also weighed on soybean prices.