CHICAGO: Chicago Board of Trade soybean futures fell to multi-month lows Monday on follow-though selling after Friday's bearish US Department of Agriculture plantings estimate, traders said.
CBOT May soybeans settled down 7-3/4 cents at $9.38-1/4 per bushel after dipping to $9.37-1/4, the contract's lowest since Aug. 2.
The market was still reeling from the USDA's forecast on Friday that US farmers would plant a record-high 89.5 million acres of soybeans in 2017, above trade expectations.
Rising export competition added pressure. Brazilian soybean exports totaled 9.7 million tonnes in March, the highest on record for the month, according to grain export association Anec, which warned of the potential stresses of a bumper crop on the country's major ports.
The USDA reported export inspections of US soybeans in the latest week at 620,725 tonnes, toward the high end of a range of trade expectations for 450,000 to 650,000 tonnes.
CBOT May soymeal closed lower but gained against May soyoil on meal/oil spreads.