CHICAGO: Chicago soybean futures fell on Monday to five-week lows as warmer US weather expedited planting progress, deflating fears of added soybean acres and further cuts to corn plantings, traders said.
Wheat remained underpinned by dry conditions in the US and French growing belts, reinforcing global supply concerns.
The most-active Chicago Board of Trade soybean (CBOT) contract lost 32-1/2 cents to $15.90-1/2 a bushel by 11:15 a.m. (1615 GMT), after falling to $15.78, its lowest since April 4.
CBOT corn dropped 8 cents to $7.76-3/4 a bushel after earlier touching its lowest since April 13, while CBOT wheat eased 5-1/2 cents to $11.03 a bushel.
Delayed corn planting amid cold, wet conditions has led some traders to anticipate a shift to soybean plantings, but improved conditions across much of the US Midwest have accelerated planting progress, said Dan Smith, senior risk manager at Top Third Ag Marketing.
“They’re taking all the fluff out of the trading premium that was put into the market with weather delays,” he said.
Global markets added pressure, as crude oil sank 4% on demand concerns as prolonged lockdowns in China restrict consumption.
“That’s not friendly to the corn market,” said Kristi Van Ahn-Kjeseth, chief operating officer at consulting firm Van Ahn and Company, Inc. “The market’s not paying a whole lot of attention to the fundamental side of things. It’s really focused on the macro environment.” In China, soybean imports in the first four months of the year edged down, customs data showed on Monday, while meat imports fell 36% versus 2021.