US soybean futures fall on trade concerns, US planting pace

CHICAGO, April 29 (Reuters) - Chicago Board of Trade soybean futures closed lower on a volatile day on Tuesday, amid strained trade relations between the U.S. and top trade markets and as U.S. farmers raced to plant their fields, traders said.

• CBOT July soybeans SN25 closed down 9-3/4 cents at $10.52-3/4 per bushel.

• During the session, the most-active CBOT soybean contract on a continuous basis Sv1 dipped down to $10.45-3/4 a bushel, the lowest since April 23.

• CBOT July soyoil BON25 ended 1.13 cents down, to end at 49.33 cents per pound.

• CBOT July soymeal SMN25 ended down $2.30 at $298.20 per short ton.

• China aims to cut grain use in livestock feed to around 60% and slash soymeal content to about 10%, the agriculture ministry said on Tuesday in a feed-saving plan. The move is part of Beijing's broader push to reduce reliance on soybean imports, particularly from the United States, amidst ongoing trade tensions.

• Soybean markets faced pressured from favorable crop weather in South America, where a dry spell in Argentina is set to help soybean harvesting after heavy rain.

• The U.S. Department of Agriculture confirmed private sales of 110,000 metric tons of U.S. soybeans to unknown destinations for the 2024/25 marketing year.

• Grain traders are continuing to monitor developments in U.S. tariff policy, and some said they were disappointed that a trade stand-off with top soybean importer China continued to cloud U.S. export prospects.

• USDA said in a weekly report U.S. farmers had planted 18% of the soybean crop, ahead of both the five-year average of 12% and analysts' average estimate of 17%.