It has been a volatile year in the soybean futures market, reports Seeking Alpha. The oilseed rallied in early March on a rally in the price of soybean meal because of drought conditions in Argentina during the heart of the South American growing season.
The price of new crop November soybeans tanked under the weight of the trade issues between the United States and China.
The price dropped from $10.6050 per bushel on May 29 to lows of $8.5325 on July 6.
On the nearby futures contract, the price of soybean futures declined to the lowest level since December 2008, which is a decade low for the price of the oilseed.
On Monday, July 9 the price of November beans was trading near the low at $8.72 per bushel.
