CHICAGO: Chicago Board of Trade soybean futures closed lower on Monday, following as corn futures slid on favorable US crop weather and position-squaring ahead of key reports due this week from the US Department of Agriculture, traders said.

• CBOT May soybeans settled down 7-1/2 cents at $13.93 per bushel, with new-crop November down 2-3/4 cents at $12.04-1/2.

• CBOT May soymeal ended down $5.90 at $398.10 per short ton.

• CBOT May soyoil rose 0.48 cent to settle at 52.96 cents per pound, supported by tightening global vegoil supplies and strength in Malaysian palm oil futures.

• Farmers had harvested 71% of Brazil's soy area through last Thursday, below the 76% harvested at the same time last year, AgRural said.

• Analysts expect the USDA's March 31 planting intentions report to show an expansion in US plantings of corn and soybeans compared to last year, while March 1 soybean stocks are expected to be down 32% from a year earlier.

  • Commodity funds hold a sizable net long position in CBOT soybean futures, leaving the market prone to long liquidation ahead of the USDA's stocks and plantings reports, which have a history of jolting the futures market.

• The USDA reported export inspections of US soybeans in the latest week at 425,364 tonnes, the smallest weekly tally since July 2020 but nonetheless in line with trade expectations.