The Chicago soya bean market recorded further gains on Monday, reaching a new four-year high.

The bullish market sentiment came as a result of a broad commodity rally triggered by an update by Pfizer on its COVID-19 vaccine trial.

This added further support to a soya bean market already gaining from strong Chinese demand and growing weather risks in South America, Reuters reports.

US pharmaceutical giant Pfizer announced on Monday that its experimental COVID-19 vaccine was more than 90% effective.

Rally

The news was greeted by investors as a strong sign of hope in tackling the global health crisis.

As a result, the future S&P 500 stocks index hit a record high following the announcement. Crude oil saw increases of over 8%, adding to earlier gains.

The most-active soya bean contract on the Chicago Board Of Trade (CBOT) was up 1.2% at $11.14½ per bushel (€346.67/t).

While movements in the grain markets have been positive, they were generally moderate, as traders remained focused on the USDA world supply and demand outlook due to be published this week.