LONDON: Chicago soybean futures fell on Monday as the prospect of increased plantings in the United States more than offset strong demand for the oilseed from China.
Rains have slowed planting of corn in the United States, opening the possibility of more farmland being used to sow soybeans.
"Wet weather in the US Midwest is delaying corn planting," said Kaname Gokon of Tokyo brokerage Okato Shoji. "We could see more acres going for soybeans as farmers miss the opportunity to plant corn."
The most active soybean contract on the Chicago Board of Trade was down 0.3 percent at $9.70 a bushel by 1141 GMT, on track for a third daily decline.
Dealers, however, said that the market remained underpinned by strong demand from China.
"The continuing robust demand - especially from China, which accounts for over 60 percent of global imports - is likely to support the soybean price," Commerzbank said in a market note.
Soybean imports to China in April rose 13.4 percent from a year ago, supported by strong demand from the soymeal industry, data from the General Administration of Customs of China showed on Monday.
"Demand for soymeal from the livestock sector continues to expand. But some buying may be more opportunistic, given relatively low prices and fears of possible disruption to US-China trade," Capital Economics said in a market note.
Dealers said that a slightly stronger dollar on Monday added to the downward pressure, with corn and wheat prices also weakening.
CBOT's most active corn contract fell 0.3 percent to $3.69-3/4 a bushel, with the market losing some ground after Friday's 1.2 percent gain.
Wheat prices eased under pressure from excess supplies, with CBOT's most active contract down 0.6 percent at $4.39-1/2 a bushel.
US flour millers were scrambling to find high-protein wheat supplies remaining from last year's harvest amid fears that the developing crop, some of which was hit by snow in Kansas this week, could yield lower-quality grain, buyers said on Friday.
September milling wheat in Paris slipped by a more modest 0.25 percent to 169.50 euros, with the market underpinned by a weaker euro.
The euro retreated on Monday from highs hit on centrist Emmanuel Macron's victory in France's presidential election, with investors taking profit on the currency's gain of about 3 percent since he won the first round two weeks ago.
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