U.S. soybean futures slide alongside Brazilian real

What happened: CBOT soybean futures fell to two-month lows Monday after Luiz Inacio Lula da Silva's surprise election win sent Brazil's currency sliding nearly 8%, its steepest one-day decline since 1999. Key numbers: Real fell nearly 8%. Why it matters: A sustained weaker real would make Brazil's soybean exports cheaper, with analyst Susan Stroud warning of a potential wave of farmer selling and a one-two punch to U.S. exports. Lula's victory also raised expectations of closer ties with China, potentially eroding the U.S. share of that market. Market: -0.3% today ($17.62), -0.0% YTD, 0.3x vol — as of 22:46 UTC

CBOT soybean futures fell to two-month lows Monday after Luiz Inacio Lula da Silva's surprise election win sent Brazil's currency sliding nearly 8%, its steepest one-day decline since 1999.

A sustained weaker real would make Brazil's soybean exports cheaper, with analyst Susan Stroud warning of a potential wave of farmer selling and a one-two punch to U.S. exports. Lula's victory also raised expectations of closer ties with China, potentially eroding the U.S. share of that market. Market: -0.3% today ($17.62), -0.0% YTD, 0.3x vol — as of 22:46 UTC