CBOT soybean futures closed lower, pressured by technical selling and weakness in crude oil prices. Additionally, the US soybean planting pace reached a record-fast level for this time of year, with current planting progress at 6%, far exceeding market expectations of 2%, reinforcing expectations of ample new crop supply. Meanwhile, a sharp drop in crude oil futures weighed on soybean complex prices through spillover effects. Furthermore, bumper harvests in South America reinforced the global supply surplus picture, with Brazil's National Supply Company (Conab) further raising its soybean production forecast to a record 179.15 million tonnes. However, strong domestic crushing demand in the US limited the downside for soybeans. It is estimated that US soybean processors' March crush volume hit an all-time monthly high, with the market awaiting the upcoming NOPA monthly crush report.