By Christopher Walljasper
CHICAGO (Reuters) – Chicago-traded soybean futures tumbled to more than three-week lows on Monday, pressured by slumping oil markets and a delay in U.S. corn planting, which some analysts believe could drive farmers to switch to soy.
Corn fell ahead of the US Department of Agriculture’s (USDA) weekly crop progress report on Monday afternoon, which showed an increase in acreage.
Wheat traded weakly after rains in increasing parts of the US plains provided some relief to the winter crop.
On the Chicago Stock Exchange, the most active soybean contract fell 39.50 cents to $16.4525 a bushel, after hitting its lowest since April 8.
Corn lost 10 cents to $8.0350 a bushel and wheat fell 0.25 cents to $10.5550 a bushel.
The USDA reported that corn planting is 14% complete, 2 percentage points below analysts’ expectations, while 8% of soybeans have been sown, in line with market projections.
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