Grains, oilseeds start week on steep losses

Soybean futures closed sharply lower following further COVID related lockdowns in China. The trading partner has shutdown its largest city – Shanghai. The move added sharp downward pressure on fears of lacking export demand. While there were three announced soybean export sales last week, and a pair Monday morning, the market is anxious to see export inspections pick up and actually see product on the move. Monday, the USDA announced the sale of 132,000 metric tons old crop soybeans to China and a mix of old and new crop soybeans totaling 127,000 metric tons to unknown destinations.

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