The soybean futures market is making new lows as global markets come back under fire. With little new news, much of the recent selling pressure is technical in nature. Livestock futures were under pressure yet again in yesterday’s session as the risk-off mentality came back into play. After the livestock markets closed, the outside markets stabilized with stocks rallying as much as 2% off the lows.Soybean futures market is making new lows for the move in the early morning trade as global markets come back under fire. With little new news, much of the recent selling pressure is technical in nature. April live cattle opened up steady(er than we thought). They eventually gave up ground into the afternoon session with the market making new lows for the move.April live cattle got taken to the woodshed for the second time in three sessions as fears of coronavirus trigger additional long liquidation from the funds. We have been leaning on the short side and are still pressing that angle.U.S benchmarks are ping-ponging between technical levels. Investors and traders alike are showing caution awaiting further developments on the Coronavirus and it’s too soon to know the impact. We mentioned here yesterday that China accounted for one-third of the world’s GDP in 2019.Coronavirus fears created a risk-off (sell first, ask questions later) atmosphere on Friday and that has continued through the weekend and into Monday morning markets. Nearly 3,000 people are infected with a mortality rate said to be around 3%. Nearly everything is under pressure, safe havens like gold and silver are catching a bid.Corn futures caught a bid yesterday on some good export news, sales of 255,224 metric tons to Guatemala and Unknown (presumably South Korea) were reported. Export sales this morning came in at 1,006,900 metric tons, 28% higher than last week and 92% above the 4-week average.March corn futures were little changed yesterday, with little new news hitting the wires. Export sales are pushed back to tomorrow morning. As noted for the last week, we believe option expiration will continue to keep a lid on the market at 390.February live cattle traded in another tight range, treading water on the 50-day moving average at 125.85, close to the middle of the recent range. The market is starting to look and feel a little heavier.