CBOT soybeans fall as planting progress rapidly advances

On May 24th, according to foreign media reports, the soybean futures market of the Chicago Board of Trade (CBOT) closed down on Tuesday, with the benchmark futures contract falling 1.40% due to the rapid progress of U.S. soybean planting, boosting production prospects and triggering profit-taking by long positions.

1. After soybean prices posted their biggest gain in eight and a half months on Monday, a large number of profit-taking orders emerged during Tuesday’s session, pushing soybean prices lower. Traders said that U.S. soybean planting work is progressing rapidly, enhancing expectations for this year’s fall harvest. In addition, weak soybean export demand and record Brazilian soybean production have also put pressure on soybean prices.
2. The crop progress report released by the U.S. Department of Agriculture showed that as of May 21st, U.S. farmers had planted 66% of soybeans, faster than the five-year average of 52% and in line with market expectations. The five-year average is 52%. The emergence rate of soybeans was 36%, up from 20% a week ago and well above the five-year average of 24%. Brazil’s National Supply Company (CONAB) said that as of May 20th, soybean harvesting in Brazil had reached 98.5%, up 1.3% from a week ago.