The most-active CBOT July soybean contract SN24 fell 5 cents to end at $12.14-1/2 a bushel. Soyoil futures dropped 1.75 cents to 43.40 cents per pound.
In Brazil, where heavy flooding hit the soybean and corn-producing Rio Grande do Sul state, local crop agency Conab raised its soybean production estimate from April. Brazil is the world’s biggest soybean exporter.
On Wednesday, a monthly National Oilseed Processors Association (NOPA) report is expected to show U.S. soybean processing slowed in April from a record crush the previous month, analysts said.
The U.S. Department of Agriculture on Monday said the pace of U.S. soybean planting was slightly ahead of the five-year average, while corn planting was running behind average.
The USDA kept U.S. winter wheat conditions at a four-year high, with 50 per cent of the crop rated good to excellent compared to 29 per cent a year earlier, when drought slashed harvests.
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