CBOT soybeans weaken as planting progress moves rapidly
CHICAGO, May 28 (Reuters) - Chicago Board of Trade soybean futures lost ground on Wednesday as the U.S. Department of Agriculture reported planting progress ahead of the five-year average.
CBOT July soybeans SN25 settled down 14 cents at $10.48-1/2 a bushel.
CBOT July soyoil BON25 ended 0.64 cent lower at 48.93 cents per pound.
CBOT July soymeal SMN25 fell $2.60 to finish at $293.70 per short ton.
The USDA said U.S. soybean planting was 76% complete. The USDA's figure was up from 66% a week ago and well ahead of the five-year average of 68%.
That number is behind the average estimate in the Reuters poll of 78%.
The government expects to release soybean condition ratings starting with next week's report.
Agribusiness consultancy Datagro increased its forecasts for Brazil's 2024/25 soybean crops. The soybean crop is now expected to hit 172 million metric tons, up from a previous forecast of 171.2 million tons, due to an increase in planted area and improvement in average yields, Datagro said.
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